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Leader: Solving our own problems

After almost a week of ’will they won’t they’ the Conservatives and Liberal Democrats finally bit the bullet and joined hands in what has been dubbed an arranged marriage.

So what does it mean for the mortgage market? Well, love them or loathe them it looks like Home Information Packs are on the way out so estate agents might have started to pop the champers, but the property sector could still be in for a bumpy ride.

We’ve already stood by while lenders have slashed their sales forces and now HIP providers could suffer a similar fate.

Another sore point for brokers is that the Financial Services Authority looks set to stay. Brokers across the land no doubt descended on polling booths to vote Tory en masse, clinging to the promise that the party would scrap the FSA. But now it seems the regulator will not be putting up the ’To Let’ sign at its Canary Wharf offices any time soon.

What should be more worrying for the sector is the lack of political attention that has been directed at the mortgage market. Housing minister Grant Shapps is notably absent from the Cabinet and little, if anything, has been mentioned regarding what action will be taken to boost mortgage funding or get first-time buyers back on the property ladder.

It seems the mortgage sector will be way down the list of priorities for the new government. No change there then.

Meanwhile, it was encouraging to see Aldermore release product details last week and commit not to dual price. Other lenders are no doubt waiting in the wings, gearing up to launch into the market.

It seems that if the mortgage market is to solve its problems, it will have to do it on its own.

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