News

22/10/2010 17:35:43

Mortgage advice essential as affordable homes stock 'dangerously low'?

Mortgage advice could be useful for those hoping to find a low-cost property, as one organisation claims the stock of affordable housing is sinking to dangerous levels.

Housing and homelessness charity Shelter argues the current provision of affordable homes is less than one-third of the number "urgently [required]", saying the spending review falls far short of addressing this problem.

Individuals seeking to join the property ladder may require mortgage advice if they are to secure a house purchase loan, as limited housing stock means many risk being priced out of the market.

Chief executive Campbell Robb suggests more should be done to address the UK's "exorbitant" real estate prices, as well as making improvements in the rental sector in order to protect those not yet able to afford a first-home mortgage.

Those who cannot secure a mortgage on their own could try shared ownership schemes, where a property is bought in conjunction with a housing society and then the part owner rent on a portion of the home.