25 Nov

Crosby proposals backed by property industry

Crosby proposals backed by property industry

Bodies involved in the property sector have backed proposals to help increase mortgage lending, something that may aid first-time buyers seeking to get on the housing ladder.

The Crosby Report into mortgage finance has recommended that the government guarantees mortgage-backed securities based on new lending to free up more liquid capital and increase the availability of finance to homebuyers.

Council of Mortgage Lenders director general Michael Coogan called this "helpful, if modest", referring as well to extra income support for mortgage interest tax relief announced in the government's pre-Budget statement for mortgage holders.

However, he added, more help should be given to such mortgage payers in the 2009 Budget.

The Intermediary Mortgage Lender's Association also welcomed the Crosby recommendation and the mortgage interest move, which will see the income threshold required to qualify for the relief raised to £200,000 a year.
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