A responsible mortgage industry is key in fixing the housing market, believes Computershare Loan Services.
Mortgage Industry Key to Fixing Housing Market, Believes Firm
The CEO of the firm, Andrew Jones, spoke out in response to Tuesday’s Housing White Paper from the Government.
The property sector has already been keen to express its opinions of the already controversial White Paper, with many experts unimpressed with the measures announced. However, Jones is the only professional to insist that the mortgage industry is vital in fixing the housing market.
The Residential Landlords Association urged the Government to show more support for small-scale landlords, who it says are crucial in providing the homes that UK tenants desperately need.
The Association of Residential Letting Agents and the National Association of Estate Agents gave a thorough run-down of the measures announced in the paper, including plans for three-year tenancies.
And while Jones did support the Government’s plans to get institutional investors building more homes to rent, he insists that this is not enough, and how the mortgage industry is key.
“A simply shortage of decent places to live is one of the root causes of homelessness and many other housing problems, and polices that aide their construction are very welcome,” he says. “But as well as creating more extensive building programmes and practices, to tackle housing in the UK, we must also have a diverse and responsible mortgage sector that provides routes into homeownership for those who seek it.”
He explains how this could be put into practice: “This work must start at a young age, with pupils and students being taught how to manage money and make informed financial decisions, and continue into adulthood, with the lending industry working with Government and charities to provide genuine borrowing options and support for anyone facing financial difficulty.”
Computershare Loan Services has already donated £20,000 to The Money Charity to help deliver over 100 hours of money management classes across Yorkshire in 2016.
Do you believe that the mortgage industry is a key part of solving the housing crisis?