Opinion Former Article

BSA welcomes new build indemnity scheme

Commenting today on the Government’s announcement that it will support a new build indemnity scheme, Paul Broadhead, BSA Head of Mortgage Policy, said:

“We welcome the Government's support for a new build indemnity scheme initiative aimed at helping those with a modest deposit buy their own home. This joined up thinking from mortgage lenders, builders and the Government is good for borrowers, the housing industry and in turn jobs.

“For the scheme to deliver its full benefits to consumers it is important that lenders of all sizes can participate. We look forward to working with the Government to help ensure this is the case.”

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Contact: Hilary McVitty - 020 7520 5926 / Rachel Wylie - 020 7520 5905

Notes to Editors

1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of over £235 billion, 19% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 34% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

2. Photographs of Paul Broadhead are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk

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