It is great to see housing as a key element in Chancellor Philip Hammond’s spring statement. His £44 billion project includes 215,000 new homes in the Midlands and an extra £1.7bn for affordable housing in London, equating to 26,000 new homes.
Affordability in the housing market is definitely on the government’s agenda. The cut in stamp duty and the new house building announcement in the Chancellor’s spring statement are a step in the right direction.
We believe the housing sector needs a laser sharp focus not just in the building of new homes, but on true ‘affordability’ to help people who are still saving to get on the housing ladder.
Castlight Financial’s services and tools enable banks, lenders and mortgage brokers to see and understand people’s true affordability. Our open banking technology means people can share their transactional data, which is passed through our powerful categorisation tool. It includes transactions such as gym membership and most crucially for new house buyers, their history of paying rent regularly.
The Affordability Passport ® is a powerful tool that will help first time house buyers to show their true affordability and help the lenders make better decisions at the touch of a button.