| Mortgage Rate & Home Loan News: First time buyers 'need more help from mortgage providers' |
| |
| 2009-06-30 11:30:04 |
| By: Paramount-Magazine Published Date: 08 Feb 2011 11:04
First time property buyers should receive more help from UK mortgage lending companies to ensure the housing market does not remain static, an expert has suggested.
Timothy Lambert, head of consulting at Ducalian, commented: "Banks are offering 30-year mortgages as opposed to the traditional 25 and this helps spread payments. However, any solution always means more debt and surely people must be wary of that by now."
He noted that uncertainty surrounding the property market could deter people from investing in homes.
"We simply do not know what will happen to property prices in the near future, and with many people struggling to pay the bills as it is, is additional debt wise?"
Mr Lambert's comments come after research from the Association of Mortgage Intermediaries predicted that levels of housing transactions and lending in 2011 will remain similar to those recorded last year.
The research also highlighted the fact that fewer first time buyers obtained mortgages last year despite higher loan to value loans being offered. |
| |
|
|
|
