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AMI raps Budget

AMI raps Budget

Category: Mortgages

Updated: 24/04/2009
First Published: 24/04/2009

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The Association of Mortgage Intermediaries (AMI) has responded to Wednesday's Budget, saying that it has not done enough for house buyers.

An extension to the stamp duty holiday on properties up to the value of £175,000 was announced, which will now run until the end of 2009.

However, Robert Sinclair, director of the AMI, said: "The extension of the stamp duty holiday is a sensible step but a bolder decision would have been to abolish stamp duty altogether.

"We really need more long term thinking to encourage buyers back into the housing market."

He also commented that the association would have welcomed the reinvention of mortgage indemnity guarantees in order to encourage lenders to offer products with higher loan to values than 70 per cent.

Mr Sinclair added such a move would assist in driving both supply and demand in the mortgage market.

"It is disappointing the Chancellor overlooked this crucial measure in such an important Budget," he concluded.

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