Buying a first home in Britain is getting easier

Great news for first-time home buyers. Mortgage lenders are taking some key steps to attract first-time property buyers. Some mortgage lenders and building societies have announced that they will offer first-time buyers loans up to six times their income. 

Currently, lenders typically offer mortgages of 4.5 to 5 times income. Suppose your income is £50,000 in that case, if everything goes well, you will get a maximum mortgage of £300,000 or £300,000. 

The UK's biggest building society said it would offer mortgage loans of up to six times their income to first-time property buyers with a 5% deposit from Tuesday. However, this will only be effective for those taking five or 10 years of fixed-rate contracts.

According to the information, applicants must meet relatively strict criteria, which will be evaluated individually.

Over the past few years, banks have introduced stricter policies regarding risky borrowers. Lenders became more cautious about providing mortgages due to the UK financial crisis about 20 years ago.

Lenders have diversified their offerings to attract businesses, said Michelle Lawson, a broker at Lawson Financial. The move to pay mortgages at six times income is said to have been decided following a report by the Building Societies Association.