Mortgage industry must help first-time buyers
The mortgage industry needs to do more to help first-time buyers if they are ever to use a residential conveyancing solicitor and get a foot on the property ladder.
This is according to Timothy Lambert from consulting firm Ducalian, who said that with the economy as it is and banks reluctant to offer competitive products, it is hard for people to be able to afford a mortgage unless they have a large deposit.
He commented: “The industry must help first-time buyers or the ladder remains static.”
One possibility could be a greater emphasis on 30-year mortgages as opposed to the traditional 25, Mr Lambert said, as this “helps spread payment”.
However, the expert pointed out that this may be unlikely, as it will eventually lead to increased debt, something the government is keen to avoid.
According to the Association of Mortgage Intermediaries, first-time buyers made up a smaller proportion of all mortgage borrowers last year than in 2009.
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