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15/04/2009
Lending growth 'to help first-time buyers' |
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The increase in mortgage lending announced by the likes of HSBC will enable more first-time buyers to get on the housing ladder, it has been stated.
Managing director of first-time buyer services firm FirstRungNow.com, Helen Adams, said the decision by the bank to offer £1 billion worth of home loans to such purchasers at loan-to-value levels of 90 per cent is a "positive sign".
She added: "Not long ago first-time buyers were having to come up with between 25 per cent and 30 per cent of the deposit which was unrealistic."
Ms Adams stated that she believes HSBC undertook the move because it expected other lenders to start making similar offers.
Those keen to get on the housing ladder in Ealing or Westmintser may wish to consult a solicitor on the legal issues involved.
Housing in London has become more affordable recently as prices have dropped below the £300,000 average, according to the Land Registry.
Data from the body's survey of the market in February indicated that the price of the typical home in the capital fell by 1.9 per cent in February to £298,563.
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