Could flats to rent offer alternative for first-time buyers?
flats to rent in the London borough of Greenwich could be a solution for the many first-time buyers struggling to get on to the housing ladder. Catherine Hearnden, director of MyMortgageDirect, admitted it has become harder for those purchasing their first home to get into the market. She said this is because as well as arranging a deposit, people have to find more money to put down on the dwelling. Ms Hearnden also pointed out that credit scoring gets harder as the loan-to-value goes up. The expert claimed a “happy medium” needs to be achieved between “giving money away to anyone with hardly any deposit and looking at perhaps a different way of credit scoring [and] applications for first-time buyers who haven’t got a credit history”. Her comments came after figures from the Daily Telegraph revealed first-time buyers are paying up to £2,000 more than other purchasers to borrow money for an abode.
