According to a recent research commissioned by Genworth Financial, more than three quarters of MPs believe that borrowers with inadequate savings to put up for a 10 to 20 percent deposit but with a stable income, should be able to access the mortgage market.
!00 percent of MPs with constituents in London and an overall 83 percent of 150 MPs surveyed, believed their constituents needed a leg-up to move up the housing ladder.
Around 84 percent of MPs agreed that easier access to the housing market for their constituents will help the overall economy in general and help first time buyers in social mobility.
“The deposit remains the biggest barrier to homeownership in the UK, along with the prudent approach taken by lenders, who are allocating their scarce capital to other segments of the mortgage market”, said President of Genworth Financial for mortgage insurance, Angel Mas.
“The return of high loan-to-value lending is vital if we are to unlock the market for those with a sound credit profile, but who are unable to save for a deposit in the near term”, added Mr. Mas.