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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

First-time buyers `not hit harder by uncertain times`

24/09/2007

First-time homebuyers will not be hit harder in the current credit crunch than the rest of the market, an industry expert has claimed.

Despite an uncertain financial climate, the current situation is unlikely to have a worse affect on first-time buyers as "affordability problems" have affected the market for "a considerable period of time", the Council of Mortgage Lenders (CML) said.

Bernard Clarke from the CML claimed that price adjustments within the housing market have been "very modest", which should not harm those entering the sector. He said that a number of housing companies are offering "bargains" for first-time buyers which they should look out for.

He added: "I have no reason to suspect that the range available for [first-time buyers] will be affected any more than it will for other buyers, but we have already acknowledged there may be some restrictions in the range of products available and some effect on the supply of mortgages in the market place."

According to the CML, in 2006 an average mortgage for first-time buyers cost 3.21 times their average yearly income.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according