How Relaxed Mortgage Rules Could Make Things Harder for First-Time Buyers

How relaxed mortgage rules could make things harder for first-time buyers

Changes to mortgage affordability rules mean buyers may be able to borrow more money, decreasing the amount they need to save for a deposit. However, the new flexibility comes with trade-offs, according to experts.A relaxation of mortgage guidance from the Bank of England this March means lenders no longer have to apply very rigorous tests to check their customers can afford the mortgages they are lent, which means some can borrow more money.Som…

New housing scheme to support first-time buyers in Pembrokeshire

A NEW affordable housing initiative has been launched to help first-time buyers in Pembrokeshire take their first step onto the property ladder. Homebuy Pembrokeshire, delivered by Pembrokeshire County Council, offers eligible applicants an equity loan of up to 30% of a property’s value—providing vital support for those struggling to bridge the gap between mortgage offers and rising house prices. Funded by revenue from the Second Home Premium, t…

Relaxed mortgage rules could increase first-time buyer deals by a quarter

Changes in the way lenders stress test borrowers for mortgages could lead to a huge jump in the amount of first-time buyers able to access the housing market, according to Savills. Savills’ analysis found first-time buyer transactions could increase by up to 24 per cent over the next five years if lending rules continue to relax. Following a change in Bank of England guidance in March, lenders are no longer required to stress test borrowers at t…