Affordable
properties for
first-time buyers trying to
find a mortgage is one of the most important issues in
Northern Ireland, according to analysts.
A speech given by the
Council of Mortgage Lenders identified the problem and outlined the challenges in getting
first-time buyers a foot on the
property ladder .
At the Council of
Mortgage Lenders annual lunch, chairman of the organisation Jon Pain said that
mortgage providers were working on new products to aid first-time buyers.
"Lenders are working hard to help consumers afford their
mortgages while maintaining the standards of responsible lending and sustainable
home-ownership," he said.
"For example
lenders have developed 'graduate' mortgages in response to young first-time buyers with strong future earnings potential.
"Many lenders allow parents to guarantee their children's
mortgage subject to their own
financial position and many lenders offer
joint mortgages to allow first-time buyers to club together."
However recent research conducted by
Alliance and Leicester indicates that UK-wide first-time buyers are making a "comeback".
Mortgage affordability is at its best since the second quarter of 2004, according to the Alliance and Leicester figures.
