Loans are Available for First-time Homebuyers

Posted 2008-02-11

First-time homebuyers should not be dismayed by the plethora of news reports and discussions expounding on the crisis in the mortgage industry. Although it is true that there are fewer loans available for 100 per cent of property value and that eleven mortgage companies have reduced their maximum loan amounts since December, 2007, Moneyfacts.co.uk wants first-time buyers to understand loans are still possibilities for them.
Darren Cook, head of mortgages at Moneyfacts.co.uk, explains that though mortgage companies are tightening their lending practices, first time buyers can still receive appropriate loans. He explains, “It’s not all doom and gloom for first-time buyers, it’s just that in the current mortgage market, [mortgage lenders] are not sure what is going to happen so they are being a bit prudent.”

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