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.
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.”
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.”