Lloyds TSB urges support for 'second steppers'

People looking to move out of their first home and move up the property ladder are struggling to do so in today's market, according to Lloyds TSB.

The bank has therefore launched an equity support scheme to address the market bottleneck and help home movers access the best mortgage rates to make the process easier.

Lloyds TSB's survey found that first-time buyers tend to stay in their homes for an average of four years, which means those looking to move up the property ladder in 2011 face some trying circumstances.

The combination of buying a home at the peak of the property boom and trying to make the next move up the ladder in a declining market is making the task very difficult.

Colin Walsh, managing director of mortgages, Lloyds Banking Group, said: "They're the link between first-time buyers and the rest of the market - and at the moment, many are finding it just as tough to make the next move as it was to make their first."

According to the latest RICS UK Housing Market, the level of completed house sales stabilised at the end of 2010, but it predicted a mixed market this year.
 

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2011-01-28 11:14:21 © Moneyextra.com