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Posted by Mark Cunningham

Banks and building societies operating in the mortgage sector need to do more to help people looking to get their foot on the first rung of the residential property ladder.

That is the view of Timothy Lambert, head of consulting at Ducalian, who has said that unless financiers increase the quality and quantity of the guidance they offer to first-time buyers, the country's housing market will remain "static".

However, the specialist warned that there is a fine line between offering good and honest advice and allowing young people to access levels of finance that will lead to them struggling with debt for years to come.

Mr Lambert added that "we simply do not know what will happen to property prices in the near future", meaning that professionals in the field are in the dark as to whether or not they should increase their fluidity in terms of mortgage lending.

This comes after the Association of Mortgage Intermediaries stated recently that first-time buyers made up a smaller proportion of all mortgage borrowers last year than in 2009.
 

10/02/2011 15:27