The Council of Mortgage Lenders (CML) has reviewed the current situation of affordable, low-cost home ownership schemes and believes reform is needed.

It points out several problems that the scheme is facing including the wide range of schemes and the complexity of them, the restrictions placed on many of the schemes that leaves them undesirable to lenders and the small scale of the schemes which makes it less cost effective for a lender to train staff and install systems in relation to them.

After meetings with lenders and other stakeholders, the CML have come up with a series of actions required to support the growth of the schemes including simplifying the range of schemes, a more flexible approach to the re-purchasing of the properties and more information on potential borrowers and potential demand.

Hopefully, ig these schemes are altered enough to encourage further lending, more competetive products could become available for your mortgage brokerto offer you.