Monday, January 9, 2012
Countrywide, the UK's largest property services group question whether the Government's proposed start date to implement the Mortgage Indemnity Guarantee Scheme is realistic.
With a proposed start date of March 2012, in the scheme announced in the Government's Laying the foundations: a housing strategy for England in November, the Mortgage Indemnity Guarantee scheme is suggested to provide a guarantee for up to 100,000 new mortgages at up to 95 per cent loan to value for new build properties in England. http://www.communities.gov.uk/news/housing/2034254
Nigel Stockton, Financial Services Director at Countrywide said:
"The Government's Mortgage Indemnity Guarantee Scheme is positive for the new homes sector and will undoubtedly provide a much needed boost to the market. However, there are no explicit details currently available about how applications under the scheme will be implemented. As a result, it is currently unclear when the scheme will become a reality.
"Having spoken to a number of the major lenders over this week, they appear to be awaiting the finer details of the actual application and submission process. In addition, it is yet to determined whether any systems changes are needed, which could further delay the process.
"Therefore the likelihood of when buyers will be able to access mortgages backed through the scheme is unclear. With a proposed launch date of March, implementing the scheme within the next 12 weeks seems unrealistic, with the more probable outcome that we begin to see the first few MIG backed mortgages in the 2nd/3rd quarter of the year.
"We welcome the opportunity to speak to the government to discuss how the mortgage industry needs to supported to boost activity in the market."
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