Website slams chancellor’s Open Market HomeBuy focus

Moneysupermarket.com has dismissed chancellor Alistair Darling’s focus on Open Market HomeBuy products in yesterday’s Budget as a huge disappointment.

Louise Cuming, head of mortgages for the price comparison site, considers equity share mortgages as a good option in principle but adds that they benefit so few borrowers that they are useless in breathing life into the stagnating mortgage market.

She adds that the market is being hampered by the lack of product choice under the Open Market HomeBuy system.

She says: “In order for these products to become a viable option, the mortgage industry needs to welcome and accept them.

“The application process and legal administration has to become more straightforward and the number of properties available under the scheme must be extended.”