10 Mar

Ministers believe in helping first-time buyers

Ministers believe in helping first-time buyers

MP's want to helping first-time buyers to buy property for sale in the UK, a survey has revealed.

Research by Genworth Financial found that eight out of ten MP's believe more should be done to help people get onto the property ladder.

In addition, three quarters of those questioned said homebuyers with a stable income but without a large deposit should still have access to mortgages.

The insurer says 77 per cent of MP's believe facilitating home ownership for people in the UK is an important policy goal.

Angel Mas, president of mortgage insurance for Genworth Financial in Europe, said: "We welcome the renewed focus on first time buyers.

"The deposit remains the biggest barrier to homeownership in the UK. The return of high loan-to-value lending is vital."

Lloyds Banking Group approved £30 billion in home loans in 2010, taking a 22.1 per cent share of gross mortgage lending.

In addition, eight out of ten first-time buyer applications were approved, resulting in £5 billion in lending for people to get onto the property ladder.

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