Castle Trust’s new research shows a high level of demand for innovation in the mortgage lending market, including shared equity. Around four in five mortgage customers (79%) want their mortgage lender to offer more creative ways to make homeownership easier.
Sean Oldfield, chief executive officer, Castle Trust said:
“Imitation is the sincerest form of flattery and we therefore very much support the Government's initiative for home buyers and their continued endorsement of shared equity. The Government’s initiative exactly supports our approach to Partnership Mortgages and now the government is helping people to buy a new home.
“Castle Trust only provides Partnership Mortgages for existing homes, rather than new build homes. There are about 25 million existing homes and only just over 100,000 new homes built per year, so we are excited to be providing homebuyers with a huge range of purchase opportunities that significantly expand the government offering.”
Castle Trust believes homebuyers with a 5% deposit that want a new build property will support the Government scheme, which, like Partnership Mortgages, helps to reduce their monthly payments. Castle Trust has already strong demand for its innovative Partnership Mortgages since launch in October 2012 with support from borrowers, lenders and independent mortgage advisers.
Housing Minister Mark Prisk said when Castle Trust launched:
“I want to see private companies devise new and innovative ways to help those who want to become homeowners to do so as Castle Trust is working to do.”
