29 Jan

CML in first-time buyer call

CML in first-time buyer call

First-time buyers should have got more help in the government's recently announced proposals to boost mortgage lending, it has been argued.

The Council of Mortgage Lenders (CML) commented that this is one of the areas in which the plans to help increase banking liquidity could be improved and said it is working with the government to improve the overall package.

It suggested that a mortgage indemnity from the state could help deal with the difficulty in raising sufficiently large deposits.

Another CML proposal was that more should be done to support the construction industry and provide affordable homes.

Evidence emerged yesterday that first-time buyers are keen to save more this year to ensure they can get on the property ladder.

A survey by Abbey found that 38 per cent of those who are already saving up for this purpose intend to put away extra amounts this year, with the average additional monthly amount being £203.

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