Lender “embarrassed” by decline in homeownership

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A senior industry figure has said he is “embarrassed to see homeownership decline” in the UK and that there are still too many people who can’t access mortgage products.

Speaking at the Legal and General Mortgage Club live conference, Virgin Money commercial director of mortgages Peter Rogerson said that the lender’s margins are “fair” and that it was not unreasonable to expect higher margins for higher risk.

However, he acknowledged that there is a need for better access to mortgage products for many aspiring homeowners.

“There are too many people we can’t provide products to; I’m embarrassed to see how homeownership has declined in this country”, he told the room of advisers.

Rogerson was speaking after a survey of the adviser-audience found the majority calling for improved retention and mortgage prisoner products.

A large number of respondents also called for better technology and improved interest-only products, with more limited company BTL options the least popular of the options provided.