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Brokers need to increase awareness of housing schemes – Accord Mortgages

by Matthew Upton
July 7, 2022
in Mortgages
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Brokers need to increase awareness of housing schemes – Accord Mortgages

Brokers need to increase their knowledge about government, private and lender schemes to best support clients, especially as Help to Buy comes to an end.

Speaking on Accord Mortgages Growth Series podcast, Craig Hall, director of new homes at LSL Financial Services said more needed to be done to raise awareness schemes to help more people on to the property ladder.

He said this was crucial to fill the gap left by the ending of the Help to Buy scheme, which closes for applications in October and is set to end in March next year.

Help to Buy was launched in 2013 and allowed those using the scheme to purchase a new-build home with a deposit of five per cent.

Last year, the scheme was restricted to first-time buyers and price caps based on property values worth 1.5 times the regional first-time buyer price were introduced.

Help to Buy sales between October and December last year halved year-on-year with 8,913 completions.

Hall said: “I don’t believe first-time buyers are aware of alternative schemes. There’s a lot of work to be done to really help navigate that with consumers, brokers need to be engaging with lenders, networks, clubs and business development managers (BDM). Doing so provides a great opportunity for them to really demonstrate their knowledge to clients to help find the right solution.”

Examples of schemes include shared ownership, Deposit Unlock, First Homes Scheme and the Mortgage Guarantee scheme.

He added that despite recent increases the bank rate was still historically low, but said it would create a different landscape as borrowers’ fixed rate deals came to an end.

He said: “Advice will be key for supporting first-time buyers and those moving – looking at a range of options and what’s affordable – but also in terms of helping people to keep their homes too.

“What happens when fixed rates finish? Having a real plan around customer contact strategies will be fundamental to helping clients as they feel the pinch.”

The podcast is out today and available to listen at https://info.accordmortgages.com/growth-series-podcasts

Brokers can sign up to receive the Growth Series material for free at https://info.accordmortgages.com/growth-series



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