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Positive Signs for 'First-Time Buyer' Lending

There are positive signs at the moment for the nation's first-time buyers (FTBs), who are set to benefit from an easing in lending restrictions, according to one expert.

Andy Pratt, chief operating officer at Alexander Hall, said that the overall outlook is still not great for FTBs, but there are certainly indications that things are about to improve as far as accessing finance is concerned.

He explained: "It is still a 20 per cent deposit to get a good mortgage, but there was one good sign when we saw the high street lender Woolwich come to market with a 90 per cent loan-to-value (LTV) although the rate is a bit higher."

The expert said that there are positive signs in terms of high street lenders coming to the market with higher loan to value products, so it is worth FTBs keeping an eye on these.

His comments followed the publication of a report by e.surv, which revealed that loans for home purchases reached their highest number since December 2009 in November, thanks to the loosest mortgage lending conditions seen since the Lehman collapse.

Overall, purchase approvals rose from 52,743 in October to 54,658 in November on a seasonally adjusted basis, which is an increase of four per cent on the month and 15 per cent over the year.