Fixed rate mortgages to become more affordable, suggests Firstrung

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Fixed rate mortgages to become more affordable, suggests Firstrung

Mortgage applicants may be about to see home finance become more affordable, according to a source from Firstrung, but it is not all good news.

Paul Holmes, chief executive officer of the company, explained that banks need to repair their balance sheets so they will be willing to do business.

However, he stressed that the same financial institutions will not be going overboard as they have to retain a certain level of liquidity.

Mr Holmes said: "They can't lend in massive amounts, because if they do they will fall foul of the various solvency rules."

In his opinion, the attitude of banks in the near future will be that they are willing to lend, but only if the applicant can stump up a 20 per cent deposit.

The Firstrung spokesperson's comments were made in response to research by the Post Office suggesting more people are choosing to share a mortgage with family members or friends to make deals more affordable.

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