This weekend’s financial press brought hope for First Time Buyers, with the Mail on Sunday, Telegraph and Independent on Sunday all reporting on lower rates for those with small deposits. Lenders including the Cambridge Building Society, the Post Office and Aldermore all have options above 90% loan-to value, although brokers warned that securing a loan can still be difficult at this level as a good income and spotless credit score are required. General advice is still to save for as big a deposit as possible to secure a better rate and broaden the choice of available lenders. Despite a record low base rate, the Sunday Times revealed that lenders including ING Direct and Woolwich increased their tracker margins last week, and warned borrowers to prepare for higher rates and tougher lending conditions. Experts suggested that now would be a good time to go for a tracker mortgage as more products are likely to go in the next few weeks. Elsewhere the Sunday Telegraph looked at research by GoCompare.com, which suggested that only a quarter of British adults feel they have sufficient protection and savings to clear their debts in the event of bereavement, and the Financial Times reported a 179% increase in sales of new build properties in London, as property investors are tempted back to the Buy-to-Let market by a sharp rise in rents.
What the papers say- 1st and 2nd October 2011