First-time buyers 'not more affected by credit crunch'

The recent credit crunch causing a stir among lenders will affect first-time buyers no more than any other group of mortgage buyers, the Council of Mortgage Lenders has assured.

Its spokesman Bernard Clarke acknowledged that there is likely to be some restrictions on the range of fixed-rate mortgages and variable rate mortgages available on the market as a result of the liquidity problems.

However he stressed that there was no reason to suspect that the range available for first-time buyers will be affected any more than it will for other buyers.

And he said the same will apply to mortgage rates, insisting: "At this stage there doesn''t appear to be any indication of there being any higher costs for first-time buyers in particular."

Meanwhile the mortgage broker Charcol has maintained that despite the credit crunch there are still plenty of good mortgage deals available, both for first-time buyers and those looking to move home or remortgage.

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