Saffron Building Society comment on Guaranteed Mortgage Scheme

Tony Hall, Interim Head of Mortgage Sales at Saffron Building Society:

“First time buyers historically have been a large part of the mortgage market with up to 350,000 purchases every year. However, one of the lateral impacts of the property market over the last 12 months due to the pandemic has been a rapid rise in house prices combined with falling availability of high loan to value mortgages, due to uncertainty on where prices will trend in 2021.

“The new Guaranteed Mortgage Scheme would help the situation for the buyer whilst supporting the industry. It offers intermediaries the opportunity to reengage with clients that may have missed out on their mortgage in 2020 and bring them closer to their first or next home.

“We also hope that by stimulating the market we will begin to see lenders returning to the 95% LTV market in response, creating competition and choice for intermediaries and applicants in a much-needed sector of the market”.

Video Comment: https://youtu.be/m6WpSThe5jI

Published: 03 March 2021