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Two mortgages may be required for dream home says CML

Homebuyers may lean towards taking out two loans in the future, one to pay for the property and one to turn it into their dream home, says new research from the CML.

The report looks at challenges facing the private home builder in the first decade of the 21st century. It concludes that the UK has been slow to adapt to the desire of homebuyers for more customised homes.

Home builders have been reluctant to respond to this demand from consumers. The suggestion by the CML is that taking out two loans might be a way for homeowners to get around this problem.

Consumer&#39s needs and desires are changing. The average house is actually getting smaller yet people are demanding more living space. The increasing tendency of people to work from home, the lack of suitable land for building, and the increase in capital flow could all play a role in changes in the housing market, the CML says.

CML deputy director general Peter Williams says: “Lenders could have a role in developing a new range of different types of loans, perhaps with separate finance for land, construction and the internal fitting-out of new homes. This could help fulfil demands for greater variety in housing and customers&#39 desires for more custom-built homes.”

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