The Building Societies Association (BSA) has launched a new housing initiative called The Housing Hub.
It is a business to business website, co-funded by the Nationwide Building Society. The aim is to promote wider access to home ownership.
The purpose of the Hub is to promote dialogue and the exchange of information between housing associations and lenders willing to lend on such properties. It is anticipated that in making the ’marriage’ of property and mortgage finance simpler and more open, these forms of tenure will increasingly offer another option to those who want to own their own home.
The Hub is already populated with information from eight housing associations and eight lenders, with more to follow shortly. Over time there is potential to extend access to the Hub to other interested parties and include additional information for conveyancers and brokers.
Consumers can already use the Hub to find housing association developments in their local area and lenders willing to lend on such properties.
Paul Broadhead, head of mortgage policy at the BSA, said: “Increasingly, forms of shared ownership offer a viable alternative for young professionals, who may have household income of up to £60,000 but are struggling to raise the deposit needed to get a foot on the housing ladder.
“The Housing Hub is one of a number of BSA initiatives looking to establish a more creative approach to help house the nation. Mutual lenders are generally far more open and less likely to apply a ’computer says no’ approach to mortgage lending.”