Are first-time buyers going the way of the dodo?

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Are first-time buyers going the way of the dodo?

Commenting on yesterday's decision by Abbey to withdraw its 100 per cent mortgage and raise its fixed-rate deals by 0.37 per cent, moneysupermarket.com has warned that first-time buyers could become an "endangered species".

Most lenders will now only consider people with a deposit of at least ten per cent and even those deals are disappearing.

Louise Cuming, head of mortgages at the website, notes that in just over a month, the number of 90 per cent loan-to-value products has shrunk from 1,430 to 836.

Thirty-two per cent of those polled admitted that the mortgage crisis is affecting them, with some delaying plans to move and others concerned about remortgaging or repayments.

"The problem is two-fold - not only are there fewer mortgages available generally, but the chances of being accepted are also a lot slimmer," Ms Cuming stated.

The news editor of moneywise.co.uk recently suggested that first-time buyers are "natural victims" of the current trend for some banks to stop the sale of mortgages to new customers.
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