3 Apr

More innovative mortgages needed

More innovative mortgages needed

After the closing of the stamp duty holiday at the end of last month (March 24th), it has been argued that it will now be harder for first-time buyers to get on the property ladder, due to prohibitive costs.

With some lenders such as Nationwide and the Halifax now offering cashback for new buyers to help them out though, it has been claimed that more innovative mortgages are needed to help boost the market.

Andy Pratt, chief operating officer at Alexander Hall, said that it is important that banks bring out products which are more enticing to first timers so that they can come into the market and help invigorate it.

"If there is no innovation in products that encourage first-time buyers into the market, then it is a natural consequence that people will probably think that they will wait until after the summer and look again in September," he added, saying that even though it is more expensive for banks to offer higher loan-to-value products, it can turn out to be a vital move for property as a whole.ADNFCR-1222-ID-801333152-ADNFCR

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