Council of Mortgage Lenders: More help needed for first-time buyers

Date:Wednesday 31st March 2010
Author: Max Freedman

More help is needed to aid first-time buyers in obtaining a mortgage and getting them on to the property ladder despite the recent budget, according to the Council of Mortgage Lenders (CML).

Commenting on the recent budget speech, in which it was announced that first-time buyers would be exempt from paying stamp duty on properties worth up to £250,000, the body believes that they still need help to get a product in the first place.

While the CML felt that overall the amount of emphasis that is now being placed on the mortgage market is a positive thing, but also felt it is disappointing in how little is focused on ways of getting enough funding to support the demand for mortgages.

This opinion may add to the bad news for prospective mortgage customers, as the rate of mortgage approvals registered by the Bank of England declined for the second consecutive month in February.