moneysupermarket.com comments on the launch of two new Open Market HomeBuy products

Edited by the Insidemoneytalk editorial team Mar 17, 2008

Commenting on the Budget's disappointing mortgage focus, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said:

"Putting a significant focus of the Budget on Open Market HomeBuy products is a huge disappointment.

Equity share mortgages are a good option in principle, but they benefit so few borrowers that they are of absolutely no use for reigniting the stagnating mortgage market.

"The choice of products under this scheme remains limited and it can be difficult for customers to find a package that suits them.

Should you be lucky enough to find a suitable product, you will be faced with a lengthy and complicated application process.

"In order for Open Market HomeBuy products to become a viable option, the mortgage industry needs to welcome and accept them.

The application process and legal administration has to become more straightforward and the number of properties available under the scheme must be extended.".