Graduate mortgages 'hard to find'

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Graduate mortgages 'hard to find'

The majority of mortgage lenders are reluctant to offer packages designed specifically with graduates in mind.

Amanda Docherty, a spokesperson for Scottish Widows, says that the market for prospective graduate homebuyers is "niche".

Scottish Widows identified how the majority of market lenders would focus on the mass market, with higher loan-to-value ratios and loan multiples providing lenders with greater risk.

Scottish Widows bank offers graduates a 102 per cent mortgage with no deposit required and a guarantor facility for loans higher than normal

Commenting on the graduate market, Ms Docherty said that most people were forced to rent for a period of time before mooting a property purchase.

"Unfortunately, that is the thick end of the problem. People are now renting and finding it harder to save for a deposit at the same time as renting."

She also said that many people were putting off the prospect of buying a property until they had properly assessed the direction market conditions might take.

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