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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 4th May 11, 3:33 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Will mortgage drought hit Government self-build plans?
    • #1
    • 4th May 11, 3:33 PM
    MSE News: Will mortgage drought hit Government self-build plans? 4th May 11 at 3:33 PM
    This is the discussion thread for the following MSE News Story:

    "As the Government announces self-build plans, it emerges potential home owners could struggle to fund a project ..."

Page 1
    • Conrad
    • By Conrad 4th May 11, 4:03 PM
    • 31,494 Posts
    • 55,821 Thanks
    Conrad
    • #2
    • 4th May 11, 4:03 PM
    • #2
    • 4th May 11, 4:03 PM
    I've arranged a few self builds in my time and they can get pretty complex. Lenders will be very cautious and seriously ration such business, afterall it's damned costly to administer over an extended build lifecycle. One of the main hurdles is demonstrating all round affordability for not only the new mortgage (and associated build costs such as building material insurance) but also the inevitable ongoing mortgage on the current main residence.

    I've been in extended correspondance with a couple of MP's over how to increase home ownership and it all starts with the FSA. Regulation has gone much too far and inhibits millions of hitherto good credit risk applicants from entering the market. THIS is the real discussion, all else is secondary. As a society we seriously curb the mortgage chances for an agency nurse or a 55 year old for example, even though past stats show reposessions only affect a tiny minority.

    Thats why this MSE call for a stronger voice at the FSA is very much misguided if we want a meritocratic soceity where all have a fair chance at home ownership.

    The notion that regulation is all round good as it stops a minority of people being repossessed, is seriously short sighted whens it has the effect of forcing millions of hitherto good capable borrowers into renting / stops them moving home.
  • patrickmurphy
    • #3
    • 2nd Aug 11, 3:10 PM
    • #3
    • 2nd Aug 11, 3:10 PM
    so who do look favourabley on them
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