The Mortgage Group (TMG) is attempting to tackle the growing problem of some Cornish residents who are unable to buy a home. With an average income in the county of £17,000, local people will need income multiples of seven times salary to buy an average-priced house in the county.
The independent mortgage adviser will work with a steering group, comprising local MPs, local government figures and businessmen, to analyse the scale of the problem and come up with solutions. Around 9% of all homes in Cornwall are currently second homes.
Andrew Sinclair, director of finance at TMG said: ‘This is clearly unacceptable. We intend to explore all the issues fully and try to find a way forward that can be presented to central Government.’
One of the group’s goals is to lobby the Council of Mortgage Lenders (CML) and key players within the mortgage industry to explore ways of helping the situation, in Cornwall and in other parts of the country.
Bernard Clarke, spokesman for the Council of Mortgage Lenders, said: ‘We acknowledge there are problems in certain parts of the country and we are keen to explore shared ownership schemes, in these circumstances they can act as a stepping stone to full ownership.’
TMG is currently undertaking research, assessing the situation. ‘Once we have compiled the data, we will be able to develop a strategy to bring about change, and hopefully result in properties becoming available in the region that enable people to get a foothold on the property ladder,’ said Sinclair.