Alexander Hall describes first-time buyers as 'lifeblood of mortgage market'

Date:Friday 17th September 2010
Author: Susanna Kavka

Lenders may begin to bring out new mortgage products to allow more first-time buyers to get on to the property ladder, according to an expert from Alexander Hall.

Chief operating officer at the company Andy Pratt described such applicants as the "lifeblood" of the sector and suggested more arrangements aimed at them might be on the horizon.

He explained that these are likely to involve limited charges on a higher loan-to-value deal, although he stressed this may not be quite enough to tempt people back into the market.

"There is always a good increase [around] September - there is stock on the market. Finance is going to act as a limiting factor, but I think that activity is looking better in September," said Mr Pratt.

His remarks were made in response to figures published by the Council of Mortgage Lenders, which indicated that the share of the market accounted for by first-time buyers in July was 34 per cent - down from 38 per cent the previous month.