There was good news for potential buyers in the Times this weekend, with experts reporting an increase in the number of products geared towards those looking to get their foot onto the property ladder for the first time.
Recent data has revealed a slight drop in rates available up to 90% or even 95% loan-to-value, and some lenders are also now offering an improved range of products, as well as accompanying incentives such as cashback to assist with costs. This increased competition among lenders follows a dip in lending towards landlords, as the Buy-to-Let market deals with increased levels of stamp duty and reducing tax relief.
The Mail on Sunday took a broader look at those who might not meet standard lending criteria, including the self-employed, newly qualified professionals, older borrowers and divorcees. Tougher lending criteria can make it difficult for some to secure a mortgage, however in many cases there are either mainstream or more specialised lenders who can help.
Older borrowers, for example, may notice an improvement in lending criteria, with a greater degree of flexibility when it comes to upper age limits for those that can demonstrate affordability.
What the papers said about a broader lending market