Politicians called to take action on housing

“Whatever the outcome of the General Election this year, we would really like to see politicians start taking meaningful actions to support the affordability challenges first-time buyers are experiencing in the mortgage market,” Atkinson (pictured) told Mortgage Introducer.  “Affordability remains a huge challenge, especially for younger borrowers, with house prices and interest rates at an all-time high, at least since I have been in the industry.”

What would drive change in the mortgage market?

Atkinson noted that there had been suggestions by the outgoing Housing Secretary Michael Gove of a focus on longer-fixed term products, but he believes that product innovation should be driven by lenders.

“We’re best placed to understand the consumer needs,” he said. “Mortgage lenders like Melton Building Society can support in some ways, for example with gifted deposits and family assist mortgages, but this is not a long-term solution. We’d like to see politicians reviewing mortgage and LISA (lifetime ISA) regulation, as well as lending caps to really drive change in the mortgage business and make those first steps onto the property ladder less challenging for first-time buyers.”

Atkinson prides himself on being an experienced financial services professional, with a strong understanding of the mortgage market and focused on delivering great customer outcomes. He has been at Melton Building Society for over eight years, in various roles, and was previously a financial adviser at Your Move. The mortgage market has stabilised somewhat, following a turbulent couple of years, but Atkinson clearly doesn’t take anything for granted.

“If we have learnt anything it is to expect the unexpected,” he said. “With inflation slowing and expected interest rate cuts later in the year, we will hopefully start to see some improvement and a better outlook for 2025 onwards.”