The government still needs to do more to address the lack of mortgage funding available at present, one group has emphasised.
Commenting on the Budget announcement that a £250 million fund is to be made available to first-time buyers, the Intermediary Mortgage Lenders Association (IMLA) believes further action must be taken.
"George Osborne estimates that this scheme will help approximately 10,000 borrowers, but that would only equate to a five per cent rise in the number of loans to first-time buyers compared with 2010 numbers," explained Peter Williams, executive director of the IMLA.
He highlighted that the first-time buyer scheme needs to be coupled up with others to really benefit the mortgage market, such as a review of the current stamp duty threshold.
Editor of What Mortgage Ben Wilkie recently suggested that borrowers are opting for fixed-rate mortgages because they increase the level of protection for consumers. |
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