Kate Huet, marketing director at mortgage solutions firm Advantage, said that HomeBuy agents had a learning curve to overcome and suggested this was one of the main reasons why take up of the product had been slower than expected.
She was speaking on the issue following Yorkshire Building Society’s recent revelation that it had committed more than £100 million to the Open Market HomeBuy scheme since its launch late last year. The scheme is designed to help key workers, such as teachers, nurses and police officers get onto the property ladder, but only four lenders currently participate.
Huet explained how it was difficult for people to qualify for the scheme, suggesting that not all key workers could apply for it: “It’s like everything it takes a bit of time. We have to be a bit more patient, but we’re definitely helping well into the hundreds of people.”
And Huet backed the development to help many more, adding: “Without this scheme, categorically, there are people who couldn’t get on the housing ladder. With this scheme, they can.”
© Adfero Ltd
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