The change that may help you get a mortgage as a first-time buyer
First-time homebuyers in the UK may find it easier to secure mortgages due to relaxed lending regulations. Lenders are now more frequently offering loans exceeding 4.5 times an applicant's income, though experts warn this increased flexibility carries financial risks.
Why it matters
This shift addresses the affordability crisis for new buyers but raises concerns about potential over-leveraging and long-term financial stability.
Image source, Getty Images By Kevin Peachey Cost of living correspondent Published 28 minutes ago If you're working towards buying your first home you might feel like everything is stacked against you - but recent changes could help you get a mortgage.
It hard to save for a deposit when the cost of living is so high, the average house price is nearly £300,000 , external and interest rates on new mortgages are rising.
However, a rule change and more flexible lending mean first-time buyers can now borrow up to six, or at the most, seven times what you earn in a year.
This means mortgages will be within reach for more people but it is a shift that comes with some risk so here's what you need to know.
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