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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.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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There's alot going on! What do you think?

Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

Fixed Rate
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Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
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House prices are waivering. Do you think this is a good time to buy?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

Too complicated
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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
Too complicated
Good option