Budget must tackle funding drought, says IMLA
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The chancellor of the exchequer must address the funding drought in the mortgage industry in his first Budget on Tuesday, says the Intermediary Mortgage Lenders Association.
IMLA is also urging George Osborne to consider the impact of any Capital Gains Tax rise on the private rented sector.
Peter Williams, IMLA executive chairman, says: “The chancellor has to avoid making matters worse for the housing market by unfairly hiking CGT for the investors who are driving the growth of the private rented sector at the very moment when housing choices are quite limited.”
IMLA adds that funding problems could intensify during the repayment of the government’s Special Liquidity Scheme, set to begin next year, and evolving regulation.
And Williams says: “We urge the Chancellor to give full recognition to the housing and mortgage funding challenges facing the government.”
He believes there is a risk the Budget will be dominated by cuts with the housing market could be marginalised despite its crucial economic influence.
