CML: Government approach 'more logical'

Wednesday, 14, May 2008 12:00

The Council of Mortgage Lenders' (CML) director general Michael Coogan says about the legislative draft of the Queen's Speech:

“The government’s announcement on shared equity means that its approach is now more logical, providing help based on the income rather than the occupation of buyers.

"It will remove an anomaly by which providing help for one group of less well-paid workers makes access to home-ownership more difficult for others earning similar salaries but working in different jobs.

“The OFT market study in sale-and-leaseback is also welcome, and we hope it will be completed by September, as promised, and acted upon quickly. The reality is that sale-and-leaseback companies are already targeting home-owners in difficulty.

"The quicker we have effective regulation of the sector to provide protection for consumers, the better the safety net for borrowers in financial difficulty will be.”