Banks tighten criteria for first-time mortgages
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banks, mortgages, uk March 24th, 2008FIRST-TIME house buyers are having a tougher time getting a mortgage as a result of the “credit crunch” and falling property values.
Banks are only willing to lend most new borrowers a maximum of 92% of the cost of their home after axing 100% mortgages for all.
Only borrowers on high incomes like doctors, dentists and accountants with good career prospects can get a mortgage for a higher percentage figure.
Mortgage experts say tighter lending restrictions are the result of the “credit crunch” — a shortage on world markets of money for borrowing and lending.
