25
Nov
Crosby proposals backed by property industry
Bodies involved in the property sector have backed proposals to
help increase mortgage lending, something that may aid first-time
buyers seeking to get on the housing ladder.
The Crosby Report into mortgage finance has recommended that the
government guarantees mortgage-backed securities based on new
lending to free up more liquid capital and increase the
availability of finance to homebuyers.
Council of Mortgage Lenders director general Michael Coogan called
this "helpful, if modest", referring as well to extra income
support for mortgage interest tax relief announced in the
government's pre-Budget statement for mortgage holders.
However, he added, more help should be given to such mortgage
payers in the 2009 Budget.
The Intermediary Mortgage Lender's Association also welcomed the
Crosby recommendation and the mortgage interest move, which will
see the income threshold required to qualify for the relief raised
to £200,000 a year.
