In a discussion at The Mortgage Event 2012, taking place at Manchester City FC’s Etihad Stadium, a panel of key industry figures agreed that changes were needed to boost the market.
When asked by an audience member which changes they would most like to see to the industry in 2013, Charles Haresnape, managing director of Aldermore Mortgages, said that lenders need to start opening up products to more customers.
“We need more innovation from lenders, they need to adapt their propositions and start getting more people into properties.
“I hope eventually lenders will get back to lending more at 95% LTV and those levels.”
Robert Sinclair, chief executive at AMI, and Andrew McPhillips, chief economist at Yorkshire Building Society, agreed that a change in government attitude was also required.
McPhillips said: “It is clear what the government is doing is not working. I think they need to take the hit, borrow some more and invest in infrastructure which will have a positive effect on the mortgage and housing markets.”
Sinclair added: “The government needs to do more but also tell people that they are going to keep doing it.”
