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Majority of FTBs support tighter mortgage regulation

Three quarters of first-time buyers believe banks should lend more responsibly even if this means some people will not be able to get a mortgage as a result, according to a new survey from housing charity Shelter.

The YouGov poll reveals that the majority of people wishing to get on the housing ladder agree with stronger mortgage regulation and shows 79 per cent of first-time buyers think banks and building societies lent irresponsibly before the credit crisis. Over a third – 38 per cent – believe lenders cannot be trusted to lend responsibly in the future.

Eight out of ten – 84 per cent – of FTBs think lenders should only give a mortgage to those who can afford it and 83 per cent think lenders should check a borrowers income before giving them a loan.

Nearly a third – 28 per cent – of FTBs said they had been offered a bigger mortgage than they had asked for or knew someone who had.

Shelter chief executive Campbell Robb says: “This survey shows people really want simple, common sense rules in place to ensure people borrow money responsibly. What is most striking is the level of support amongst first-time buyers who clearly want greater protection and are well aware it might limit their chances of getting mortgage credit in the future.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. their view changes however when they personally can’t get a mortgage!

  2. IT Support NW London 31st May 2011 at 10:47 am

    Really nice information is given by this post

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