Home
NewsFirst-time buyers 'need innovative schemes from financiers'
First-time buyers 'need innovative schemes from financiers'
Posted by Francesca Witney
Prospective first-time buyers need to be able to access more new pioneering schemes from banks and building societies if they are to get on the UK property ladder in the near future.
That is according to Helen Adams, managing director of online resource First Rung Now, who has urged financiers to come up with fresh initiatives to help individuals in their quest to own a property.
Ms Adams explained that while it is understandable some companies are "reluctant" to offer finance to first-time buyers due to the decreased profit margins associated with them, they need to realise that such consumers are essential to stimulate wider growth in the housing arena.
"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 added.
This comes after Halifax revealed recently that that the proportion of disposable earnings devoted to mortgage payments fell to its lowest level since 1999 in the second quarter of the year.
01/09/2011 15:30
News category: Property