First-time buyer mortgages 'at lowest level since 2008'

21-Jul-2010

Published by Joshua Scott

First-time buyer mortgages have fallen to their lowest level since 2008, with only 14,800 taken out in May, according to the Council of Mortgage Lenders.

Katy John, press officer for lobbyists PricedOut.org.uk, claimed first-time buyer mortgages were falling as a percentage of total house purchase loans because of an "extortionate" rise in the cost of housing over the last ten years.

The first-time buyer advice specialist said tax breaks enjoyed by buy-to-let house owners should be ended, with accompanying tariffs to be levied on second and third homes.

"If the housing minister, Grant Shapps, is serious about supporting people to realise the aspiration of homeownership, he needs to start levelling the playing field in favour of first-time buyers and against property investors," she commented.

Housing group John Charcol said first-time buyer mortgages would be easier to secure if there were more 90 per cent loan-to-value deals available.

It was also suggested "inherent nervousness" and strict criteria contributed to low approval rates for property purchase loans.

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