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NewsFirst-time buyers 'would be helped by new MIG scheme'
First-time buyers 'would be helped by new MIG scheme'
Posted by Emily Swanson
Prospective first-time buyers struggling to get on the property ladder in the wake of the recession may be helped by the re-introduction of the mortgage indemnity guarantee (MIG) initiative.
That is the opinion of Andy Pratt, chief operating officer at Alexander Hall, who believes that a fresh version of this scheme may provide a "good solution" to people finding conditions tough at present.
Last week (November 11th), the Confederation of British Industry proposed that first-time buyers should be able to access their pension savings in order to boost their housing deposits.
And Mr Pratt feels that MIG could be the ideal way to stimulate the ailing sector, although he warned that insurance companies could potentially be a "stumbling" block in any plans.
"It provides a certain level of security against a higher level of risk, so there is no reason why it shouldn't work because it has worked in the past," he noted.
14/11/2011 15:53
News category: Property