First-time
buyers looking to
find a mortgage would benefit from more flexible
policies from
mortgage providers, states the
Council of Mortgage Lenders (CML).
Mortgage lenders face difficulties in creating policies for
UK first-time buyers for several reasons, according to the
organisation, including rising
house prices, growing
student debt and the desire of young adults to be
mobile .
Bob Pannell, head of
research at the Council of
Mortgage Lenders, commented: "For today's young adults, mobility for
career and other reasons is an important factor.
"While
home-ownership remains a long-term aspiration for the majority, the reality is that for many young people the combination of
house prices and student
debt is reinforcing a
lifestyle choice in favour of
renting .
"The Council of Mortgage Lenders remains keen to explore new ways of getting
first-time buyers onto the
property ladder where possible."
However, experts at
Alliance and Leicester recently conducted a survey which indicated that mortgage growth is still strong in the UK and
mortgage affordability is at its best since 2004.
According to the
study, 15 per cent of UK residents are thinking of
moving, buying a
property for the first time or
remortgaging by next
winter .
