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Mortgage availability 'will not solve issues for FTBs'
The increase in availability of mortgages will not completely remove the difficulties that first-time buyers (FTBs) face when getting on the property ladder.
This is according to Katy John, press officer for PricedOut.org.uk, who commented the availability of mortgages to FTBs "is only part of the picture".
Her comments come after the Council of Mortgage Lenders reported earlier this week that the total value of loans for FTBs in July rose by five per cent.
However, it also noted that the number of loans approved for FTBs in the same month dropped by two per cent.
Ms John said: "Increasing access to credit for FTBs will not solve the underlying problems."
She went on to suggest FTBs "save as much as possible to enable them to get the best possible deal when buying their first home".
Ms John added that the government can help FTBs in the long term by building more houses and freeing up land.
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This is according to Katy John, press officer for PricedOut.org.uk, who commented the availability of mortgages to FTBs "is only part of the picture".
Her comments come after the Council of Mortgage Lenders reported earlier this week that the total value of loans for FTBs in July rose by five per cent.
However, it also noted that the number of loans approved for FTBs in the same month dropped by two per cent.
Ms John said: "Increasing access to credit for FTBs will not solve the underlying problems."
She went on to suggest FTBs "save as much as possible to enable them to get the best possible deal when buying their first home".
Ms John added that the government can help FTBs in the long term by building more houses and freeing up land.
Copyright
Published: 14/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.