Housing minister calls for mortgage assistance for first-time buyers

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Housing minister calls for mortgage assistance for first-time buyers

Wed 6th Jul 2011

Prospective homeowners struggling to find a suitable mortgage deal to cater to their financial needs could benefit from new proposals from Grant Shapps.

The housing minister has today (July 6th) called upon lenders to take increased action to help first-time buyers take a step on to the property ladder.

As part of his proposals, Mr Shapps urged building societies to introduce "mates mortgages", which would allow groups of friends to club together for initial deposits.

In addition, prospective buyers could be offered increased guidance, including a personal action plan for use following an unsuccessful application.

"I have once again called on key figures from across the housing market to come together and discuss ways to improve the availability of mortgages," Mr Shapps remarked.

Last month, the housing minister urged construction companies to establish methods of making eco-friendly improvements to homes in the UK in a bid to promote the benefits of a low carbon lifestyle.

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