Genworth comments on today's mortgage lending figures for March 2014 from the Council of Mortgage Lenders (CML)
17 April 2014
Simon Crone, Vice-President Mortgage Insurance Europe at Genworth – the UK’s leading mortgage insurance provider, which helps lenders support first time buyers with its private insurance scheme – comments on the March 2014 lending figures from the Council of Mortgage Lenders (CML):
“Today’s figures reveal how far the mortgage market has come from this time last year however the traditional Spring bounce in lending may not occur in 2014 due to a combination of factors most notably the Mortgage Market Review (MMR) rules that come into force on the 26th April.
“It will be intriguing to see the lending figures for the next few months as it is highly likely lenders will pull back on their lending levels during the next quarter as they seek to ensure their compliance with the new regulations plus the tighter affordability rules mean that a number of borrowers will not be able to access finance as they would have pre-MMR.
“For first-time buyers looking for mortgages in the next few months the market may not be accommodating as it was at the start of the year. Even with the growing availability of 90/95% LTV mortgages first-timers still have considerable issues to overcome in terms of saving for a deposit and meeting these new criteria conditions from lenders.
“Recent research from Genworth revealed that British households believe the single biggest barrier to home ownership remains their ability to save enough for a deposit. Therefore it is absolutely vital that the supply of low-deposit mortgages continues not just through the period of the Government’s Help to Buy mortgage guarantee scheme – which is due to finish at the end of 2016 – but far beyond this. The need for high LTV mortgages is not a short-term problem and we need to ensure the market is in the best possible place in order to continue supplying these products both now and well into the future.”
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Genworth Mortgage Insurance in the UK
Genworth focuses on mortgage insurance and lifestyle protection in the UK and Europe, working with building societies, banks and other financial institutions. Since 1993, Genworth has been offering flexible mortgage insurance solutions to suit different lender requirements, whether that is on a loan-by-loan basis or at a portfolio level. Our protection to lenders makes high loan-to-value mortgage loans (where the borrower does not have a large deposit) available to good credit-quality borrowers. Genworth is regulated by the PRA and FCA, has unmatched expertise and capacity including a unique arrangement with highly rated reinsurers.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
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