No shortage of first-time buyer mortgage demand, says expert

Date:Monday 27th September 2010
Author: Max Freedman

A representative from FirstRungNow.com has claimed there is still plenty of interest from first-time buyers to get on the property ladder.

Helen Adams, managing director of the organisation, noted the requirement of putting together a large deposit is proving to be something of an obstacle.

She added: "What we're finding is that there is still a huge demand from young people to buy a house. A lot of the time it is very difficult to find a lender."

Ms Adams explained that even if people are able to build up enough cash to afford a deposit, it can still be hard to get past lenders' reluctance to agree a mortgage deal.

In her opinion, the government needs to step in and help first-time buyers, particularly since the Open Market HomeBuy and MyChoice HomeBuy initiatives were scrapped.

The FirstRungNow.com spokesperson's remarks were made in response to research by the Council of Mortgage Lenders, which showed that gross mortgage lending fell by 14 per cent in August.