"Banks Reject First-Timers" - Nicola Byrne - The Daily Mail (London)

"Banks Reject First-Timers" - Nicola Byrne - The Daily Mail (London)

Mail Investigation Uncovers Financial Firms' Reluctance to Mortgage One-Bed Apartments, Crucial Bottom Rung on the Property Ladder.

by: Nicola Byrne | publication date: November 24, 2008 |

". . .The investigation by the Mail shows that three out of eight lenders have difficulties funding the purchase of a one-bed apartment, with National Irish Bank saying it would refuse to extend a loan on them at all. Brokers the Mortgage Store and EBS Building Society both advised our reporter, posing as a 30-year-old first-time buyer earning $50,000 a year, not to invest in a one-bedroom apartment. . ."

An undercover reporter for the Daily Mail posed as a first-time home buyer revealing that banks will not give loans for one bedroom apartments, but will for anything more.

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