GOVERNMENT NEEDS TO DO MORE ON AFFORDABLE HOUSING

The managing director denaro properties limited, Mr. Jide Ogunleye, has urged the government to put certain policies in place to facilitates the provision of affordable housing.

He said private developers could only pay lip service to the concept as interest only mortgagees. One in every five home owners in the United Kingdom with an interest only mortgage faces the real threat of not being able to repay their mortgage when the loan matures, according to a report by one of the largest providers of outsourced debt solutions for lenders, Propertymattersmedia.blogspot.com reported. The most recent analysis from the Ascent performance Group shows that when UK home owners with interest only loans were asked how they intended to pay back the capital portion on their mortgage, only 43 per cent said that they had a suitable financial vehicle to repay the loan.