CML looks forward to shared equity plans

27-Jan-2006

Jon Pain, managing director of Cheltenham and Gloucester, has been installed as the Council of Mortgage Lenders (CML) chairman for 2006 and has immediately pointed to the importance of shared equity schemes over the coming year.

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Speaking after the announcement of his new position, Mr Pain stressed that 2006 would be an important year for first time buyers across the UK, with the launch of the government's shared equity scheme set to have an important impact on aspiring homeowners' prospects and those of the housing market as a whole.

Chancellor Gordon Brown announced in his pre-Budget report that the government would be providing a scheme to help first time buyers get onto the property ladder by entering into a shared ownership agreement whereby the government would pay part of the asking price.

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Mr Pain sees the scheme as "an important step to getting more first time buyers onto the property ladder" when it is launched in October this year.

In his role at the CML, Mr Pain added that he would be seeking to work with both lenders and ministers to ensure that the policies created in relation to the shared equity programme and other initiatives are implemented as coherently as possible.

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