Young families set for ‘innovative’ mortgages?

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mortgagesYoung parents have found it tough to get on the property ladder in recent months, with tight lending criteria often preventing them from accessing mortgages.

However, new survey results from the Bank of England may offer a glimmer of hope for some of the country's first-time buyers.

Figures from the Bank show that many lenders intend to offer a wider range of mortgage products over the course of 2012.

People with small deposits to play with, particularly, may be able to access more innovative deals, the study indicates.

However, it's not all good news, as the research also shows that in the opening quarter of this year, the credit scoring criteria which are used to approve loan applications could be tightened by lenders.

According to the Bank's latest statistics, some lenders have also decided to reduce their estimates for the disposable incomes of UK households, as high inflation persists.

Check out this mortgage guide if you're keen to find the right deal to suit your family's needs.