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Mortgages Getting Easier To Access

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Wed 05 Apr 2017

Mortgages Getting Easier To Access

Mortgage brokers have revealed that they’re finding it easier to source mortgages for clients from all backgrounds.

Research by the Intermediary Mortgage Lenders Association (IMLA) found that 30 per cent of brokers had no problem when sourcing a mortgage for their clients during the second half of 2016, up from 26 per cent in the first six months of last year.

This is also the highest this figure has been since 2014, when tougher lending conditions were introduced under the mortgage market review (MMR).

It appears the situation has improved for borrowers in all areas, with a fall in the number of brokers reporting issues when sourcing mortgages for first-time buyers (FTBs) and self-employed individuals.

Among FTBs, just 16 per cent of brokers said they were not able to source a mortgage for someone in this category in the final six months of 2016, compared to 29 per cent in the first half of last year.

Executive director of the IMLA Peter Williams, described the FTB figures as “very positive news”.  He added: “House prices have been growing faster than incomes over the past few years, which has challenged affordability.”

In fact, What Mortgage reported last month that in January FTBs were paying an average of 6.3 per cent more for a property than they were at the beginning of 2016.

Data from the Office for National Statistics revealed that the average price of a home for an FTB stood at £196,549 this January.

Estate agents like Beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge.