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Responsible lending

Over three quarters of first time buyers think banks should lend responsibly – even if that mean them not getting a mortgage, a survey claims.

Four of every five questioned said they thought banks had lent irresponsibly before the credit crunch, with around 40 percent saying that they think they cannot be trusted in the future.

Campbell Robb, chief executive of Shelter, said: ‘This survey shows people really want simple, common sense rules in place to ensure people borrow money responsibly.

‘What is most striking is the level of support amongst first-time buyers who clearly want greater protection and are well aware it might limit their chances of getting mortgage credit in the future.

‘So far the voice of the consumer has been completely drowned out by the mortgage industry, when in reality it is this very group who most recognise the need for stability in the market. We must not let banks go back to the old ways of irresponsible and reckless lending.’

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