Shared equity ‘the way forward for affordable schemes’
Low cost homeownership schemes should be simplified in favour of publicly funded shared equity schemes, the Council of Mortgage Lenders (CML) has said.
In its response to the government’s green paper on housing, which was published in July and open for consultation until yesterday (October 15th), the CML has suggested that existing schemes have become “over-complicated”.
The way in which state support is provided to struggling UK property owners should also be revised, the CML has recommended.
“The safety net for home-owners is still too patchy and piecemeal to be effective,” advised CML head of policy Jackie Bennett.
“There are potentially more creative ways to address the problem, such as providing state assistance under a registered charge against the property that might allow part or all of the benefit received to be repaid if and when the property is later sold.
“In any case, the current level of state support is woefully inadequate,” Ms Bennett added.
Earlier this month Alistair Darling announced that the government would do more to help protect savers following the Northern Rock crisis.
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