More Mortgages Available for First Time Buyers

Francesca Loftus and James Roberts are excited to soon own a house in Felixstowe, thanks to a government-backed scheme. Initially, saving seemed impossible due to high deposit demands post-financial crisis. However, recent mortgage deals offering 95% loans have emerged, though lenders remain cautious. First-time buyers face stringent credit checks, but options are increasing, helping to stimulate the housing market.

What is the significance of first-time buyers entering the property market?

What role do lenders play in the current housing market as described in the text?