View more on these topics

Two-thirds of second steppers trapped, says Lloyds

Almost two-thirds of first-time sellers want to move up the ladder but are unable, according to a report from Lloyds TSB.

Moreover, around 22 per cent say it is now harder to move up the ladder than it was to get on it in the first place.

Of the 500 interviewees who took part, 65 per cent cited raising a deposit as a serious obstacle, 53 per cent indicated a lack of affordable housing, 52 per cent were concerned with cost including stamp duty and 25 per cent are trapped by negative equity in their current homes.

Lloyds TSB mortgage director Steven Noakes says: “Despite recent improvements in the housing market, first-time sellers continue to be faced with some very real and tough challenges when trying to make their next move on the property ladder. It is vital that this group of home movers receive more support and attention as they play an intrinsic role in getting the housing market moving again.”

The report found that second steppers are staying longer in their first homes. In 2010, second steppers were expecting to spend four years in their first home. Today, homeowners in the same position now anticipate having to stay put for five years.

E.surv business development director Richard Sexton says: “Historically, FTBs could bank on a growth in equity which they could take with them to the next property and virtually bank on a lower LTV. With virtually no growth in house prices for some years, for the first time in a long time, this has not occurred and as a consequence, many are finding moving on more challenging as a consequence. Mums and dads who were previously breathing more easily once they’d helped the fledglings leave the nest, may be asked to dig deep once again by beleaguered offspring.”



Lloyds tops FOS complaints data

Lloyds Banking Group has emerged as the business group most complained about to the Financial Ombudsman Service for the second half of 2012.

NatWest brings back 90% deal

NatWest Intermediary Solutions has reintroduced its 5.29 per cent five-year fixed rate, first-time buyer mortgage at 90 per cent LTV with no product fee. The lender has also cut rates on a number of its residential mortgage by up to 0.64 per cent from tomorrow and removing product fees on its 90 per cent LTV […]

House prices rise 0.5% in February

House prices rose 0.5 per cent in February, taking the average cost of a home in the UK up from £162,844 in January to £163,600.

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • Grey Haired Underwriter 14th March 2013 at 2:38 pm


    Not every lender operates computer says no. There always has been and still is old fashioned underwriting where the person is considered as an individual. It doesn’t always guarantees you a ‘yes’ but at least the underwriter can tell you why.

  • Lorna Bourke 10th March 2013 at 3:08 pm

    Many potential borrowers who are finding difficulty in moving are perfectly good credit risks but just don’t fit their lenders profile or credit scoring model. What is needed is a loans/mortgage ombudsman who could rule on whether a borrower is a reasonable risk and put details of the potential borrower on a website where other borrowers could perhaps offer loans. Alternatively what we really need is a return to sensible person to person underwriting right across retail bank lending. It used to work in the past – why not today?