Mortgage Mayhem - Labour summit wins support from industry

The Labour Party has announced it will be hosting an emergency mortgage summit this week.

The summit, happening in London tomorrow, is the brainchild of Shadow Chancellor Rachel Reeves and Shadow Housing Secretary, Lisa Nandy.

"Too often, families who are saving for their first home but getting no closer to buying it tell me that they feel like they’re doing something wrong” says Nandy.

“But there is a common denominator here when it comes to our broken housing market, insecure economy, soaring prices and broken public services – and that is a Tory government that has failed to achieve anything in the last 13 years.

“Nowhere is that more true than on homeownership, with more and more people locked out of the market, or forced to pay hundreds of pounds a month more because of the Tory mortgage bombshell.

“It is clear that the Labour Party is now the only choice for people who dream of owning their own homes.”

One prominent broker - Andrew Montlake, managing director at Coreco - welcomed the idea, saying: "This is a great initiative from the Labour Party and engaging with mortgage professionals who are working with borrowers day-to-day on the front line shows a determination to fully understand and look for solutions to the current mortgage-related issues. It is important for political parties to show an understanding of every aspect of the home buying process.”

And Rob Gill, managing director at Altura Mortgage Finance, says: "With between 80 and 90 per cent of all mortgages conducted via a mortgage broker, involving them in any response to the current situation in the mortgage market is a very sensible proposal from Labour.” 

Shadow Chancellor Reeves says: “Too often, families who are saving for their first home but getting no closer to buying it tell me that they feel like they’re doing something wrong.

“It’s clear that the issue lies with the Tory Government’s handling of the housing market and economy over the last 13 years.”

“Nowhere is that more true than on homeownership, with more and more people locked out of the market. The Labour Party is now the only choice for people who dream of owning their own homes.”