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Firms aim to spur on shared-equity schemes

Industry figures want more innovation to drive forward the Home Buy scheme and shared ownership in general.

At the Cicero Consulting summit, John Charcol senior technical director Ray Boulger said lenders should make more of the opportunity to offer investment vehicles such as Reits alongside shared-ownership lending services.

Morgan Stanley chief economist David Miles said more risk-sharing between lenders and homeowners is needed.

He said lenders can create books of business that can be converted into securitised portfolios and potentially sold on to pension funds, depending on Government amendments, as well as getting first-time buyers on the ladder.

Boulger questioned whether shared ownership should have Government involvement at all or if greater incentives should be introduced to encourage private sector participation.

He called for the Government to relax the capital gains tax burden on parents who take shared equity in their child’s home.

Joseph Rowntree Foundation director of policy development Anthony Barnett said the charity was seeking Office of Fair Trading approval to offer loans covering an extra 25 per cent for Home Buy.

Yorkshire Building Society head of mortgages Rachel Court said the next step would be for lenders to develop their own versions of Home Buy.

Scottish Widows Bank head of product development and marketing Murdo McHardy said: “It is encouraging that the Opposition is calling for shared-equity schemes to be extended. The main barriers to these schemes is availabil- ity and the complexity from a customer perspective.”


‘Car dealers may soon be offering release’

In Retirement Services head of business development Frank McCann says equity release could soon be distributed via credit card companies, utility firms and even car dealerships. McCann believes tradit- ional distributors such as IFAs and high-street banks will increasingly come under threat from new affinity deals with providers, which could also include debt management, travel […]

Up, up and away in RE/MAX balloon

Estate agency franchise RE/MAX is offering the enticing prospect of tethered ride in its hot-air balloon at the Aylsham Show in Norwich on 28 August. For a small donation, punters can enjoy a birds-eye view of the idyllic Norfolk countryside, with all money raised going to the East Anglian Air Ambulance.

Jail threat over unscrupulous surveillance of customers

Lenders and insurers have been warned they may face imprisonment if they use unscrupulous practices to gain information on clients. The Information Commissioner’s Office claims it has found evidence that insurers use private detectives and other unscrupulous means to source information on clients they believe could be making fraudulent claims. Some lenders have been accused […]

American idle

The UK could follow the US, with rising rates slowing the market right down

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]


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