Financial advisor discusses how to better pay back your mortgage
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Mortgages, the executive has argued, must be on the agenda in the Chancellor’s upcoming statement – which is set to address a number of important financial issues.When speaking exclusively to Express.co.uk, Matt Coulson, Founder and Director of Heron Financial, stated it was crucial for the Treasury to address the issue of homeownership. Mr Coulson discussed the implications of recent mortgage movements, and the Chancellor’s potential next steps.
He said: “The last two or three Budgets we have had have been so crazy, that it makes you scratch your head and think, ‘Where do we go next?’.
“Any Budget from now on is going to feel sort of vanilla, and therefore any request for action may feel mundane in comparison.
“However, I think the biggest point is that we are going to need to see some sort of discussion led by Rishi Sunak on the issue of homeownership.
“The prospective ending of the Help to Buy scheme now has to come onto the agenda, and now is the time for that.
“It may not be something new, but I do feel as if we are coming ever closer towards the moment of truth with that.
“Help to Buy ends in 2023, that really isn’t that far away now, and I think it has been successful in its current guise where it has been honed in a bit more.
“However, we really do seriously need to talk about a potential extension to the scheme.”
Mr Coulson highlighted that if an extension were not to be tabled by the Chancellor tomorrow, then an alternative solution would be necessary.
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This, he added, was the only way to progress with support for those looking to secure a mortgage.
He continued: “I think the lenders can only do so much, but the challenge we have with house prices having gone as they have over the last 18 months is the issue about deposit and affordability.
“Help to Buy has assisted with both deposit and affordability and it has helped a lot of people. I would like to see Help to Buy addressed to at least a conversation beginning around that.”
However, it is not just first-time buyers who require support in securing a mortgage, Mr Coulson stated.
Instead, he urged Mr Sunak to consider a wide variety of potential options to help those who have progressed further in their mortgage journey.
Mr Coulson added: “When Help to Buy was changed, you saw a scenario where you had to be a first time buyer.
“That essentially locked out quite a lot of buyers from the housing market, and that is obviously an issue which needs to be tackled.
“I’m not suggesting Help to Buy needs to be reversed to its previous format, far from it, but there needs to be conversation around a scheme or schemes to help next-time buyers. That is something we need to keep the market moving in the way that is beneficial.”
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Mr Coulson expressed his delight at the deposit unlock scheme, devised in collaboration with lenders and housebuilders, allowing Britons to purchase new build homes with a five percent deposit.
Alongside the minimal deposit level, customers can also gain access to competitive mortgage products to make their payments more affordable.
Mr Coulson said these solutions were a step in the right direction, however, concluded with a word of warning.
He said: “It has been nice to see the market try to come up with solutions to tackle issues.
“But ultimately, the bottom line is that none of these things actually work without the backing from the Government, and it is pointless to pretend otherwise.
“That is on my Christmas, or my Budget list, for these kind of conversations to be sparked and for a change to be made.”
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