Legal & General Mortgage Club is calling on the mortgage industry to work together to support the new build sector ahead of the end of the Help to Buy scheme at the end of this month.
The mortgage club has warned that the new build sector is preparing for one of the biggest changes in the past decade, as the long-running Help to Buy scheme finally draws to a close at 6pm on 31 October.
The scheme has supported close to 360,000 new build housing transactions since it launched in 2013, according to government figures. The scheme will end in just a few weeks and no clear successor has yet emerged.
In response to this, Legal & General Mortgage Club is today holding a New Build Forum. The event is an opportunity for the industry to consider the latest economic developments, examine what the rising cost of living means for borrowers looking to buy a new build property, and discuss the current market options available after the Help to Buy scheme ends. It also includes sessions covering buy-to-let and conveyancing. As well as Legal & General specialists, the forum features speakers from Natwest, Nationwide, Accord Mortgages, the Mortgage Advice Bureau, Savills, Leeds Building Society, Own New, Gallagher Re, Vida Homeloans, and Smoove.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Although the end of Help to Buy has been widely publicised, the wind-down of the scheme has left many potential borrowers confused about what their options are for the future. In order to best support these customers, advisers must have clarity from the mortgage industry on what comes next and currently there is no clear successor to Help to Buy. This is an opportunity for mortgage lenders to work together to shape the future of our industry and step-up to support the new build sector.
“We need to collaborate and that’s what our New Build Forum event is all about. We want to hear from everyone in the industry about how we can continue to support borrowers in the future after the end of Help to Buy, but also how we can ensure that this future is green and sustainable. Building more green homes and helping borrowers own these homes with more green mortgages will require us all to work together. As the government has taken a step back, now is the time for the industry to take responsibility for supporting borrowers and pushing the new build sector forwards.”
