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Chancellor Rishi Sunak confirmed the launch of the Mortgage Guarantee Scheme in the Budget.
As part of the scheme, the government offers incentives to lenders in order to bring back 95% loan-to-value (LTV) mortgages, which were removed from the market as a result of the pandemic.
Brown said: “Feedback from peers in the industry reveals that the area that could be improved is credit scoring, with perceptions being that credit scoring is at a high level.
“However, when the government are underwriting some of the risk, a degree of pragmatism around this would be beneficial in helping the scheme work.”
Brown goes on to explain that 95% LTV products have a place in the mortgage marketplace and provide hope to those considered within ‘generation rent’.
From 15 March, first-time buyers, homemovers and remortgagors in England and Wales will have access to mortgage products with terms up to 40 years with Habito.
Martin Stewart, director of The Money Group, said: “It is an interesting move by Habito and while there is a need for innovation within the industry to address changing demographics, I will need a bit of convincing to say this product is it.”
Stewart went on to outline that Gordon Brown tried to change the culture of shorter term fixed rates and that failed to gain traction.
He said: “I personally have arranged only one 10-year fixed rate in the past five years, so where the demand is coming from for this type of product is not immediately clear to me.”
What to expect from the upcoming Budget | Mortgage Introducer
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