The Council of Mortgage Lenders has responded to the Government’s announcement and consultation on starter homes for first-time buyers.
The council is made up of banks, building societies and other lenders who together undertake around 95 per cent of all residential mortgage lending in the UK.
The Director General of the CML Paul Smee feels that the new scheme should provide a modest additional flow of lower-cost housing for first-time buyers.
“Mortgage lenders support measures that deliver affordable ways for people to access home-ownership,” Paul said.
Paul added that lenders will need to consider whether there are any specific lending risks involved.
“We will respond to the consultation to help ensure that the scheme is practical and workable from a lending perspective.
“Once it is up and running, we will help signpost first-time buyers to government website information about the scheme.”
The Council of Mortgage Lenders has responded to the Government’s announcement and consultation on starter homes for first-time buyers….
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