The Building Societies Association launched the Housing Hub website today, saying it is aimed at improving all parties’ understanding of shared equity and ownership schemes, different offerings from lenders, products and site development details from housing associations.
So far eight lenders have signed up to contribute to the hub, including Nationwide and several building societies considering launching shared equity products. Eight housing associations are also on board.
Paul Broadhead, head of mortgage policy at the BSA, also revealed the trade body is in advanced talks with major banks and hopes to sign up at least one of the biggest lenders in the shared equity market by the end of the month.
He confirmed that preliminary conversations with other parties specialising in shared ownership were ongoing but said brokers have not yet been asked to contribute to the site.
He said they welcomed input however and would be willing to speak to brokers once the site had got off the ground properly.
Broadhead 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."
Andrew Baddeley-Chappell, head of mortgage strategy and policy at Nationwide, said he was proud to have funded the site.
And he added: “This is simply the right thing to do and is one more way in which Nationwide helps support families in the UK to enjoy a home of their own."
The BSA launched the site this morning at a breakfast hosted at the Houses of Parliament by Clive Betts MP, CLG Select Committee Chair and APPG on Housing and Planning co-chair.
Betts said: "The Housing Hub will be an excellent resource that will allow lenders and housing associations to come together and share information."
Other attendees at the breakfast included Jack Dromey MP, shadow housing minister, Simon Danczuk MP, CLG select committee member and Terrie Alafat, director of housing growth and affordable housing, DCLG.
