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First-time buyers face rent trap under new mortgage rules

18th April 2014

Measures to prevent a fresh housing boom could push up rental costs and shut young families out of the housing market for years

Prospective first-time buyers could find themselves trapped in pricey rented accommodation and shut out of the housing market by stricter lending rules, experts warn.

In a bid to curb the excessive lending of the pre-recession housing market boom, the new Mortgage Market Review (MMR) which came has come into force, could spell the end of the interest-only mortgages for individuals and young families trying to get on to the property ladder for the first time.

Read the full article – here:http://www.telegraph.co.uk/finance/personalfinance/houseprices/10790526/First-time-buyers-face-rent-trap-under-new-mortgage-rules.html

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