Britain’s first-time buyers hunting for their first mortgages need some new and innovative schemes to help kick-start the property market, it has been claimed.
According to FirstRungNow.com, new property owners are required to help stimulate movement in the housing industry around the UK.
However, managing director Helen Adams noted that some mortgage providers are “reluctant” to lend to first-time buyers as it means taking a hit to their profit margins.
“Although property prices may stagnate or come down a little bit, property prices are still very high and we do need some innovation in this sector to enable first-time buyers to buy their first home,” she said.
The expert’s comments come after the Halifax released new figures showing that the proportion of disposable earnings devoted to mortgage payments has fallen.
According to the data, Brits now spend 28 per cent of their income on repaying home loans – the lowest quarterly level for 12 years.