Stockton made the statement in response to today’s announcement that HSBC would commit a further £350m to higher loan to value products with £250m targeted to first-time buyers.
He said: “This is great news for first-time buyers. At Countrywide we have seen a marked improvement in the competitiveness of mortgages at the higher LTV level over the past 12 months."
But he said that whilst lenders have started to take measures to help first-time buyers get onto the property ladder this needed to be sustained in order to make any significant difference in first-time buyer activity.
He added: “The appetite from buyers is there and as the Council of Mortgage Lenders recently reported, affordability is at its best in over eight years.
"But it is the level of deposit that continues to deter buyers from taking advantage of these competitive rates, which still needs to be addressed by the major lenders.”
