This week’s Budget could provide a much-needed boost to the mortgages and housing market according to the Council of Mortgage Lenders (CML).
Prior to the Budget, the CML had been lobbying all political parties reinforcing the need to increase spending in the housing market to improve the mortgages market and thus the recovering economy.
In comments following the report by Chancellor of the Exchequer Alistair Darling, the CML commented that first time buyers would receive help getting onto the property ladder thanks to Darling’s announcement of a concession on stamp duty.
Another positive move noted by the industry body was that of continuing to maintain the level of support for mortgage interest for the remainder of 2010, which would prove useful to those seeking best buy mortgages.
The Director General at the CML, Michael Coogan, said:
“The Budget offers a modest potential boost to the housing and mortgage market in terms of reducing transaction costs for first-time buyers and potentially improving efficiencies for lenders.”
The government had also announced an ‘income verification service’ to ensure that borrowers should be able to meet the committed mortgage repayments.
This Budget has shown the government’s willingness to improve the mortgage market even further and to help speed its recovery and will be good news to those working in the mortgage market, such as mortgage advisors, and those doing CeMAP training to become a mortgage advisor.