AMI calls for more first-time buyer mortgages

12-Mar-2009

Efforts to revitalise the UK mortgage market should include policies designed to expand the range of products available to first-time buyers (FTBs), the Association of Mortgage Intermediaries (AMI) has said.

Robert Sinclair, director of the mortgage body, believes policies to make mortgages available to a broader range of consumers - including first property buyers - should be included in April's Budget.

His comments come after Council of Mortgage Lenders data released today showed that FTBs took out 8,900 home purchase loans in February, compared with 18,000 in January.

Mr Sinclair called for the abolition of stamp duty on residential property and tax-free savings accounts to provide greater incentives for prospective home buyers to save for a deposit.

"With the average deposit paid by first-time buyers in November 2008 at 18 per cent of the property's value, it is clear there also needs to be significant demand-side support," Mr Sinclair said.

In addition, he suggested that introducing consumer-focused mortgage indemnity guarantees could help lenders offer higher loan-to-value mortgages.

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