'All borrowers' affected by withdrawal of mortgages

News Category: Industry News

This article was brought to you by Rentman the premium property management system

Although first-time buyers are the "natural victims" of the toughening lending conditions in the UK mortgage market, it is having an impact on a wide range of consumers.

That is according to Rebecca Atkinson, news editor of moneywise.co.uk, who asserted that the withdrawal of mortgages to new customers "will affect you whether you have half a million quid to put down or … you are a first-time buyers".

She explained that not having equity from a previous property put first-time buyers at a disadvantage.

Ms Atkinson said: "It is affecting all borrowers, but there are natural victims in first-time buyers because they're less likely to have a deposit because they haven't got equity from a previous property."

She went on to say that even "well-financed" people would now have to put down a higher deposit when purchasing a property.

Ms Atkinson remarked: "While the affordability of a loan depends on what your monthly income is, it has the potential to affect all borrowers."

Buy letting agent software that works