The Council of Mortgage Lenders announced that they welcome the plans proposed by government to increase the number of affordable homes in Britain.
The government will be working with a number of mortgage lenders as well as the Council of Mortgage Lenders to stretch the public funding that is available, further. The plan is to enable more first-time buyers to enter the property market for less than normal market costs.
The deputy director general of the Council of Mortgage Lenders, Peter Williams said it is good to see the government putting affordable homeownership high on its agenda.
"We support extending shared equity schemes beyond private sector key workers and into a wider section of the population. For too long, the modest scale of existing schemes has made low-cost home ownership the Cinderella of the housing world," he commented.
He said the scheme the Council of Mortgage Lenders was working on would contribute towards reaching the government's target of 20,000 equity loans a year.
Mr Williams did however acknowledge that there is more that needs to be done. He said further stamp duty reform would help make it easier for first time buyers to get a mortgage and get onto the property ladder .
The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98 per cent of all residential mortgage lending in the UK.
There are 11.5 million mortgages in the UK, with loans worth around £876 billion.
Council of Mortgage Lenders welcomes government plans
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Council of Mortgage Lenders welcomes government plans
Thu, 26 May 2005
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