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Reinvent Mortgage Indemnity Guarantees, says AMI

The Association of Mortgage Intermediaries is calling for Mortgage Indemnity Guarantees to be resurrected to help lenders offer higher LTVs.

AMI says the government has an opportunity with this year’s Budget to develop a stronger mortgage market.

Robert Sinclair, director of AMI, says the Budget needs to address both supply and demand in order for the market to be re-energised.

He says: “On the supply side we propose reinventing MIGs, with a focus on consumer benefit.

“This will help lenders to offer higher LTVs, by making such loans less capital intensive for lenders.

“This in turn will allow lenders to increase their capacity to lend and extend the availability of mortgages to a wider range of consumers such as first-time buyers.

The trade body says that to tackle obstacles to demand the government should abolish Stamp Duty and encourage a savings habit amongst UK consumers.

Sinclair adds: “The habit of savings needs to be redeveloped in the UK, and the provision of tax-free savings accounts for first-time buyers would be an important development in providing a younger generation with the incentives to save.”

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Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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