Yorkshire based leading UK Property expert and Chartered Surveyor
Jon Charters-Reid in his letter to Mrs May explains “ under an act of parliament- the government can change the Banks and Building societies act bringing back 95% mortgages.
The governments current Measures are futile non of the schemes have worked !
This government simply do not understand how debilitating the current solution is for the long term housing economy
THE 95% mortgages will provide instant growth for the housing market. Currently investors are buying affordable houses that first time buyers end up renting. THE CRAZY THING IS rents can be as much as mortgages - the HUGE DEPOSITS are blotting out many first time buyers. 95% mortgages will create first time buyers and in turn fuel the housing market. Subsequently the economy will grow significantly.
If there are no first time buyers the housing economy WILL NOT grow- this means existing long term home owners will eventually see a huge drop in the value of their home. We are only talking a matter of years and the Government must act immediately. We are facing one of the biggest housing slumps and catastrophic failures of the UK economy ever seen in the UK.