7 Mar

Government 'should aid mortgage market'

Government 'should aid mortgage market'

A budget should be created for the mortgage market, something that could help first-time buyers, the Association of Mortgage Intermediaries (AMI) has suggested.

The organisation claimed that the government should take the measure in the aftermath of the credit crunch, which has seen mortgage prices rise.

Others affected by the current turbulent conditions include those with bad credit histories and investors in the buy-to-let sector, the AMI argued.

If first-timers were helped then the whole industry may receive a welcome boost, director of the association Richard Farr asserted.

"Stimulation of the first-time buyer market would provide a boost to the entire housing chain. The economy can be seriously affected by a slowdown in housing transactions with knock on effects being felt by developers ... surveyors and retailers," he said.

The recent credit crunch began because subprime loans in the US were not paid back, something that made it more difficult for people to gain credit or mortgages.ADNFCR-1222-ID-18500255-ADNFCR

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