First-time buyers 'still have hope despite credit crunch'

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www.moneynews.co.uk > Housing market > First-time buyers 'still have hope despite credit crunch'

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First-time buyers 'still have hope despite credit crunch'

The ongoing credit crunch has made some mortgage lenders scale back on their offerings, but first-time buyers are not completely out of luck, according to one expert.

Darren Cook, head of mortgages at Moneyfacts.co.uk, said that lenders have been growing more "prudent" as the financial climate grows more difficult.

At the same time, he suggested that those who are looking to get on the housing ladder could still get the support their need.

"I think lenders are still supporting first-time buyers; they're possibly just being a little more prudent in how they advance their funds," Mr Cook added.

A third party who is willing to guarantee the loan - such as a parent - could also increase the chances of getting a mortgage, he said.

Recent figures from Moneyfacts.co.uk reveal that a total of 11 mortgage lenders have cut back on the maximum loan-to-value they offer to borrowers on at least some of their mortgage range.
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