Ducalian suggests new fixed rate mortgages could mean more debt
www.moneynews.co.uk > Mortgages > Ducalian suggests new fixed rate mortgages could mean more debt
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Ducalian suggests new fixed rate mortgages could mean more debt
Tue 8th Feb 2011
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Timothy Lambert, head of consulting at the independent property investment firm, claimed the move will signal more debt for customers.
He questioned whether increasing the amount of money owed to financial institutions would be a prudent policy for individuals, particularly with many struggling to pay bills in the current climate.
Mr Lambert accepted that longer time periods allow buyers to spread out their payments, but noted they will pay more.
The Ducalian expert also highlighted the uncertainty surrounding the value of homes, saying: "We simply do not know what will happen to property prices in the near future."
He suggested the industry looks set to remain static if lenders do not encourage first-time buyers to enter the market.
Research by the Association of Mortgage Intermediaries showed the proportion of loans taken on by this type of borrower decreased in 2010.
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