New measures for FTBs put forward by CBI

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New measures for FTBs put forward by CBI

The Confederation of British Industry (CBI) has backed short-term recommendations to help the housing market, including the mortgage indemnity guarantee insurance scheme to enable first-time buyers (FTBs) to take out low-deposit mortgages.

Andy Pratt, chief operating officer at Alexander Hall, said this could be a good way for FTBs to access funds for buying property, while the measure could also be beneficial for the ailing housing market across the UK.

He commented: "If there is a problem then it is going to be with the insurance companies ... but they have got to be re-engaged to provide the supply of the product."

Mr Pratt noted the scheme provides a certain level of security against a higher level of risk, so there is no reason why it should not work.

Another measure proposed by the CBI was to allow FTBs to access funds stored in their pension pots to increase their purchasing power when taking on their first home.

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