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Farron praises action of local mortgage lender and calls on Government to instruct national lenders to follow suit

May 18, 2009 12:00 AM

Local MP Tim Farron's campaign to protect the provision of affordable housing for local residents in South Lakeland took a step forward this week after Furness Building Society agreed to lend up to 90% on affordable homes in South Lakeland.

Mr Farron praised the local mortgage lender for their decision to make more affordable homes available to South Lakeland residents; but expressed his disappointment that national lenders, including market-leading mortgage lender HBOS and other lenders, are insisting that borrowers chasing new-build properties provide a 30% deposit to obtain a mortgage, effectively pricing those seeking affordable housing out of the market.

Commenting Mr Farron said:

"I'm delighted that Furness Building Society has agreed to lend up to 90% on affordable homes in South Lakeland. This is great news for the local community and in particular for South Lakeland residents looking for mortgages for affordable homes.

"It remains hugely frustrating that a local lender is prepared to take such a positive step, while national lenders that have been bailed out by the taxpayer refuse to introduce similar measures.

"The Government should be stepping in to instruct the national mortgage lenders to follow the example set by Furness, and agree to lend to the people who need credit the most."