Key worker mortgages slowly attracting first time buyers

14-Jun-2007

The mortgage industry must be patient with regards to HomeBuy scheme offerings as people adjust to the requirements needed to qualify for the scheme, it has been advised.

Mortgage solutions firm Advantage has said that its figures show that it is currently trading at "around the same level" as that reported by Yorkshire Building Society earlier in the week.

Marketing director Kate Huet said she believed that there was "pent-up demand" for the products that was slowly filtering through the system.

I think it has taken longer than was expected for the volumes to really start to pick up, because amongst other things…the HomeBuy agents…obviously had a learning curve to go through," Ms Huet commented.

"It is actually quite difficult for people to qualify for the scheme - the key workers - there's a very tight criteria. It's not as though all key workers can apply for the scheme […But] There's more demand than we're seeing at the moment," she added.

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