Review calls for better lending standards for first-time buyers

More needs to be done to improve lending standards to first-time buyers, according to a report issued today.

The findings are based on a review of banks' mortgage lending policy for first-time buyers, conducted by the Central Bank and the Financial Regulator .

The report found that while some progress has been made, it is important that more is done to enhance procedures, and that this should happen while the lessons of the crisis are still fresh.

Banks have also made good progress in reducing the number of mortgages which are exceptions to their rules.

Lending institutions are also being urged to measure risk better when granting mortgages.

In particular they are being asked not to follow their competitors' strategies, but to have regard to their own appetite for risk.


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