With gross mortgage lending in both January and February falling this year, despite support from the Bank of England via the Funding for Lending Scheme, there have been renewed calls for the Government to go further in its support for the UK’s housing and mortgage market.
The 2013 Budget is due to be announced today so we spoke to the great and the good of the mortgage market to find what they think the chancellor George Osborne should introduce in the Budget to kick-start the mortgage market.
Click below to see what the industry wants to hear from chancellor George Osborne today (Click to enlarge):
What could George Osborne announce today?
- The Funding for Lending scheme could be “put on steroids”, in the words of deputy prime minster Nick Clegg, and extended to include non-bank lenders.
- An extension to NewBuy beyond the March 2015 closing time and opening the scheme up to homes which aren’t new-builds – Mortgage Strategy revealed this was being considered in February.
- More money for FirstBuy, the Government’s shared equity scheme.
- A renewed programme of house building.
- Increasing the maximum discount cap to £100,000 through the right-to-buy scheme.
- A revamp of stamp duty away from its current “slab” structure.