I welcome the comments by the Head of the National Association of Estate Agents voicing his concerns regarding the Mortgage Market Review (MMR). Readers of this blog will know that for the past 18 months I have advocated strongly for Government action and support to force lenders to increase the amount of lending to enable all prospective purchasers and first time buyers in particular to get onto the housing market. If the current proposed restrictions are applied, more than 150,000 purchases each year will not take place and this will hit first time buyers heavily. This will have a huge knock on effect. I will keep you updated in respect of these proposals.
Since writing this blog, Prime Minister, David Cameron has now spoken out against plans to clamp down even further on mortgages in the name of responsible lending. Mr Cameron had indicated that lenders have already gone too far in preventing good risk buyers from accessing mortgages.
The Housing Minister Grant Shapps, who is due to meet the FSA during the course of this week in respect of the MMR proposals, has himself indicated that he would have failed to get a mortgage under the new proposals.
I am delighted that the Prime Minister and the Coalition Government are taking this matter so seriously as the housing market is fundamental to the whole economy.
I will keep you updated.
Head of Property Services
T: 01382 229222
The opinions expressed in this blog are of the author only and do not necessarily represent the opinions of Blackadders LLP.
Blackadders takes all reasonable steps to ensure that the content of this blog is accurate and up to date. The blog is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Blog users should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this blog. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.
Blackadders owns the copyright in this blog and all material contained on it. The material on this blog may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.
Information passed to us via this blog is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.
© Blackadders LLP 2020
Members of the Law Society of Scotland.
Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.