Mortgage experts are calling for the Government and the FSA to set up a national ad campaign to help first-time buyers increase their chances of getting a mortgage.
Last week, PMS executive chairman John Malone told Money Marketing that credit-score criteria punishes FTBs, who often do not have a credit card, change address regularly and fail to register on the electoral role.
Emba group sales and marketing director Mike Fitzgerald is calling on the Government, consumer bodies and the regulator to finance a campaign aimed at improving FTB credit scores.
He says: “Why isn’t there a very low-cost campaign run by a consumer association, the Government or the FSA? You do not have to bore people, just provide a few bullet points to explain how they can improve their credit score. It is an educational issue.”
Coreco director Andrew Montlake says: “It is surprising how many people do not know how to go about getting a mortgage. Any campaign to educate the public is good one.
“It should be something that the Government, the FSA and professional bodies are all working on to make sure the public are educated.”