Mortgage warning as 95% scheme dubbed 'political message'

A mortgage warning has been issued over the Government's latest scheme to get people on the housing market. The 95% mortgage scheme was launched last week and has been widely welcomed. However, there is hesitancy as to the effectiveness of the scheme and who it benefits. “I really think it is going to take a lot of time before the majority of people can benefit from the process.”," said Matt Coulson, Director at Heron Financial. However, while the scheme has been dubbed as a political message, Mr Coulson urged people not to reject the scheme outright if it could be suitable for them. Meanwhile, Richard Hayes, CEO at Mojo Mortgages considered the potential long-term future of the scheme. He said: “Government backing is due to end in December 2022, but you'd hope it'll leave behind a mortgage market confident in 95% again. The signs are good, with some lenders who don't have the Government-backed deals, like Accord, already doing it.

Daily Express (03/05/2021)