“The mortgage industry is like the food industry – everyone needs to eat, everyone wants a home,” said Aziz. “Let’s relax a few things. Let’s help first time buyers. Don’t put them on the same affordability multiple as you would someone who has bought three homes already.”
He told Mortgage Introducer: “I would like to see an easing on general criteria to make it easier for older borrowers, foreign nationals and contract workers. The lending industry as a whole should reconsider their lending criteria to make home purchasing in the UK easier than it is today. This would help stimulate growth, since a country that is selling homes is a country that is doing well.”
What will the mortgage market be like in 2025?
Aziz hopes the market will be calmer in 12 months’ time, with more attractive rates for clients towards the end of 2024, if the Bank of England decides to cut the base rate. He believes the health of the market will in part depend on the outcome of the General Election on July 4, and the policies of the winning party.
“It would be a good thing to see changes to stamp duty,” Aziz reasoned. “I had a very frustrating case the other day, when one applicant of a couple who were looking to buy a house together was unable to use her first-time buyer exemption because her partner was not a first-time buyer and had already used his on a previous home. This strikes me as very unfair – surely there must be some provision for this?
“The government should exert its influence over the Monetary Policy Committee to lower the Bank of England base rate – that move gets my vote. It would give the mortgage industry the desperately needed boost it needs over the summer.”