25 Mar

CML in Budget submission to boost property

CML in Budget submission to boost property

Three major steps can be taken to boost the mortgage sector in the Budget, the Council of Mortgage Lenders (CML) has said.

The CML has released details of its submission to the chancellor of the exchequer Alistair Darling ahead of his Budget on April 22nd, arguing that the extension and simplification of low-cost homeownership is a key way to improve the fortunes of first-time buyers and the construction sector.

It also suggested there should be a raised minimum threshold for stamp duty, with higher rates removed and the tax then subjected to a "fundamental review".

The third proposal was that income support for mortgage interest and mortgage rescue should be made more widely available to limit the number of repossessions.

With the Budget speech less than a month away, a number of other submissions from the property sector may be expressed in the weeks ahead.

The governor of the Bank of England, Mervyn King, has warned that the government cannot afford another stimulus package due to the impact it would have on Britain's fiscal state.
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