Ministers are to consider a suggestion that mortgage criteria should be portable.
A letter from estate agency figure Richard Rawlings has drawn a positive response from the Treasury.
The reply is from Alison Wright, ministerial correspondence manager at HM Treasury, after Rawlings raised concerns over mortgage portability.
The issue has become concerning, after people wanting to downsize have reported that they now fail mortgage affordability tests – even though they are moving to a smaller property and need smaller mortgages.
The reply says: “I think that your idea that any existing criteria should be fully transferable to another property, subject to certain conditions, is a very interesting one.
“I am also grateful to you for drawing to my attention the issues you set out in your email, specifically the situation of those who you believe want to move house but are trapped by their mortgage.
”I can assure you that your suggestions will be used to inform the policy making process.”
EYE covered it here
They listened??
I can see millions being wasted now on a Govt report into mortgage portability and in 10 years time something might happen.
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