Belfast Telegraph

Monday 2 March 2015

Mortgage warning to first-time buyers despite banks’ increased lending pledge

Industry experts have warned first-time buyers may still struggle to get a mortgage despite banks pledging to offer more home loans.

Half of all buyers with a 10% deposit are refused a loan, according to the latest findings from mortgage brokers.

And this is despite a significant rise in the availability of mortgage deals especially for first-time buyers.

‘Lenders have been offering more low-deposit mortgages. However, borrowers still need an excellent credit score to qualify for one of these deals,’ says Aaron Strutt, adviser at broker Trinity Financial.

Applicants are often unsuccessful because they have a poor credit score.

This could mean they have missed bill payments, are not on the register of voters or have never had a credit card and, therefore, have no history of using credit responsibly.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Nightlife Galleries


Latest Food and Drink News

Latest Motoring News