Mortgage Intelligence sets sights on new build
Sally Laker, managing director at Mortgage Intelligence, said the new build sector was an area of the market where she saw plenty of business being done.
She said: “It’s certainly a thriving part of the market and we’re interested in developing new build as a specialist area for Mortgage Intelligence.
“We’ve been known for the buy-to-let market and we see it as a specialist area for us. We would like to be known in the new build arena in the same vein.”
Laker said MI would seek to attract brokers specialising in new build whether they are an AR or DA.
In November 2011 Prime Minister David Cameron announced that the government would provide a guarantee for up to 100,000 new mortgages at up to 95% loan to value for new build properties in England.
Meanwhile the Institute of Public Policy Research has warned that building more homes and industry development reform is the only way to end the housing crisis.
Earlier this week the think tank said UK housebuilders’ levels of output told a story of consistent under delivery.
It said: “The house building sector lacks economic resilience, particularly when compared with its international counterparts, and is still reeling from the credit crunch.
“The major housbuilders, amid their many mergers and acquisitions, bought up large land banks at high prices during the boom.
“As the housing market and land prices collapsed in the wake of the crash, Britain’s big builders found both their cash flow and their balance sheets in crisis.”
Laker added: “Owning a house is still a part of UK culture and even with a rise in demand for rental properties, there still needs to be an increased supply of housing.
“Building more affordable new homes at locations where people want to live would be a huge kick start for both the housing market and mortgage lending.”