View more on these topics

L&G chief says focus on second-time buyers

The mortgage sector should concentrate on second-time buyers in order to stimulate the market, according to Legal & General mortgages director Ben Thompson.

He says too much focus is placed on first-time buyers to kickstart the market from the bottom up.

He says: “Obviously, the huge focus is on high-LTV products being required to kickstart the housing market. There have been a lot of req-uests for product innovation, different thinking and incentives to get that part of the market going. The point underlying all this is it does not feel as if we are stimulating and appropriately focusing on the second-time buyer market.”

Thompson says increasing awareness of the ability and attractiveness of moving house is a key factor.

He says: “It seems to me that almost nobody in that category of the market is moving, or very few indeed, so there could be more innovation and focus in that part of the market to stimulate more movement.

“Product innovation is certainly a part of that but it is also about creating awareness.”

London & Country head of communications David Holl-ingworth says: “There is certainly room for second-time buyers to secure mortgages and move. I suppose the only issue is that you need to have some first-time buyers coming in to fill that gap.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm