More needs to be done for buyers with low deposits

12-Oct-2009

There should be more action on the part of the property market to help people with small deposits, including those on the first rung of the property ladder, it has been claimed.

David Bexon, managing director of SmartNewHomes.com, made the comment in response to the decision by the Bank of England's Monetary Policy Committee to hold the interest rate at 0.5 per cent.

He said maintaining the stability of interest rates is important in order to bolster optimism in the market.

Furthermore, he observed that it is a positive sign that the bank revealed improvements in lending over the last few months.

However, there still needs to be more done to assist homebuyers - in particular those with small deposits, such as first-time buyers - he commented.

"Those without significantly large deposits continue to be penalised by the extremely high mortgage rates charged by lenders," Mr Bexon remarked.

This comes as Alexander Hall commented on recent moves by financial institutions to lower their mortgage rates, which, it claimed, does not necessarily mean lending will increase in the near future.

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.

HSBC 'increases funds for first-time buyer mortgages'
More action needed to boost first-time buyer mortgages
New 100% mortgage 'encouraging for first-time buyers'

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar