The BSA has launched a new housing initiative called The Housing Hub, which it sees as an opportunity to bring lenders and housing associations together. It believes that by co-operating more closely it will allow alternative home ownership models into the mainstream, allowing more people to own their own homes without the barrier of finding a big deposit.
In recent years shared ownership schemes have become more mainstream, and the Government’s affordable housing programme has included schemes including the FirstBuy equity loan programme in England.
The BSA, with funding from Nationwide, has launched a B2B website for The Housing Hub. This aims to promote the exchange of information between lenders and housing associations. It is hoped that this will create another option for those who want to own their own home. The website has been launched with information from eight housing associations and eight lenders.
There is potential as the website grows to extend access to other interested parties and include additional information for conveyancers and brokers. Consumers can use the website to see developments from housing associations and lenders willing to provide finance on these properties.
Paul Broadhead, Head of Mortgage Policy at the BSA, said:
“Increasingly, forms of shared ownership offer a viable alternative for young professionals, who may have household income of up to £60,000 but are struggling to raise the deposit needed to get a foot on the housing ladder. The Housing Hub is one of a number of BSA initiatives looking to establish a more creative approach to help house the nation. Mutual lenders are generally far more open and less likely to apply a ‘computer says no’ approach to mortgage lending.”
Today’s Conveyancer — bringing you the latest conveyancing news and updates