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FINANCIAL TIMES Euro drops sharply as fears take toll - Wed, 23 May 2012 22:00:41 GMT
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Treasury Committee calls on lenders to look at FTB's ability to repay
The Treasury Committee released its Report entitled Mortgage arrears and access to mortgage finance over the weekend, which discusses current difficulties faced by would be first-time buyers
The number of high loan-to-value mortgages has fallen sharply while lending criteria have become increasingly restrictive. The Committee emphasises that all lenders should improve their understanding of borrowers' ability to repay in order to correctly judge the affordability of a mortgage for every potential customer.
John McFall, Chairman of the Committee said: "First-time buyers play an important role in any housing market recovery. It is vital that more is done to improve access to credit for all credit-worthy first time buyers."
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