Released on = July 17, 2007, 4:32 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = Affordability of housing is falling and things look set to
get worse, according to the Council of Mortgage Lenders (CML).

Press Release Body = First-time buyer (FTB) income multiples are at record levels,
reaching 3.37 times the average FTB income in May, compared to 3.33 times in April.

To make matters worse, mortgage interest payments were at their highest level since
1992 in May, reaching 19.1 per cent.

Facing financial difficulty? Need a discrete solution to your problems?


The amount of income that goes towards making mortgage payments has also increased,
with the average person forking out 16.6 per cent of their wages in this way in May,
compared to 16.3 per cent in April.

The CML figures do not take into account the two 0.25 per cent base rate rises
announced by the Bank of England in May and July and the organisation warns that
potential buyers are struggling to get together the money to purchase a property.

\"For anyone wanting to get a foot on the property ladder or move house, each month
affordability is becoming worse,\" warned CML\'s director general Michael Coogan.

\"The record number of borrowers who are now paying stamp duty makes a difficult
situation even worse, despite the financial windfall to the Treasury. This needs to
be addressed urgently.\"

Chris Newman, director of National Homebuyers says for some releasing equity in
their home is the only option available to them. \"We oversee the purchase of
hundreds of properties every year where the vendor is distressed and wants to stay
in their home.

\"National Homebuyers are happy to arrange a \'Sell and Rent Back\' agreement for any
UK homeowner, allowing them to sell their property, thus alleviating the mortgage
burden while pocketing the equity in their property.

\"This suits many people\'s situation, especially as \'Sell and Rent Back\' is not as
complex as, nor restrictive as, most Home Reversion equity release schemes.\"

National Homebuyers is the UK\'s leading fast purchase property firm, guaranteeing a
quick property sale for any UK property, regardless of the vendors\' reason for sale
or the property\'s condition or location. More information on their equity release
alternative can be found at www.nationalhomebuyers.co.uk

Web Site = http://www.nationalhomebuyers.co.uk

Contact Details = Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk