Council of Mortgage Lenders advises homeowner support

Posted 2007-10-28

The Council of Mortgage Lenders (CML) has stated that a more committed level of financial assistance should be awarded to homeowners.

Warnings from the industry body forecast that increasing the number of Britons who own their property could prove to a have negative outcome if they are not adequately supported financially.

The cautions by the CML are made in the wake of new government goals to increase the percentage of owner-occupiers above the existing level of 70%.

If the government reaches its goal in an untenable growth faction it could swiftly increase the number of individuals with access to homeowner loans - which can fund a variety of home improvements such as renovations and purchases – but which could create a hasten for loans.

The CML warns, “The growth of home ownership must be sustainable. We therefore believe it is time for the government to review state support for homeowners in difficulty.”

For existing homeowners who are in financial trouble and have equity in the form of property, they could find solutions through home loans for their problems.

Conversely, the Alliance Trust has found that homeowners are dealing with lower inflation problems and enjoy better protection of their finances over-all, than those who rent their dwellings.

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