The announcement from Chancellor Alistair Darling on new mortgages United Kingdom “gold standards” has been bet with mixed reviews. Many experts are concerned that the plan will only assist the rich who don’t need the help in the first place, while precluding poorer people from getting the mortgages they need.
Darling is pushing for longer term fixed rate mortgages United Kingdom to be offered in an attempt to help buyers have more time to pay back their loans. In addition, his proposed risk grading system for mortgages United Kingdom will need to be implemented, but lenders are uncertain as to how that will affect mortgage application rates, which are already declining.
The Intermediary Mortgage Lenders Association responded that although they will follow the new guidelines, they are concerned that they will not have an immediate effect on the housing crisis. “We welcome the setting up of a Working Group in today’s Budget,’ said IMLA executive director Peter Williams. ‘However, we note the Working Group is expected to report in the summer of 2008 and that specific measures will not be announced until the Pre-Budget report in the autumn. That is far too long to wait, and we believe progress can and should be made on this matter more quickly.”
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