Homes for Ukraine

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 18. March 2022

Looking for mortgage brokers/lenders to talk about the Homes for Ukraine scheme.

  • What do you think of it?
  • What are the challenges/opportunities?
  • What do you think the demand will be for it?

5 responses from the Newspage community

"The Homes for Ukraine scheme is a fantastic idea in principle and we should absolutely be helping anyone fleeing from war zones. I do worry, however, that unscrupulous landlords may take advantage of this opportunity to exploit those who need shelter most and we should be prepared to read stories in the future where this has happened. Notable challenges will be around the legality of receiving income from the state for a lodger and how this affects your home insurance. Anyone with a mortgage or buildings and contents insurance should check that all providers are happy. Though I'm sure things will be fine, don't make the assumption they will be. Check it and get it in writing to cover yourself in the event anything untoward happens."
Star Quote
"The Homes for Ukraine scheme is a fantastic opportunity for the British people to help those who are clearly far less fortunate than we are. There is a huge appetite among the British to support this scheme. While opening your home to others can sometimes be a stumbling block for mortgage lenders, I am sure that responsible lenders will take a view that helping Ukrainians in a time of such significant need is extremely important and they will allow the necessary flexibility."
Star Quote
"The scheme has noble intentions but I think it has its challenges, too. I know of several families locally that wish to help but who have no actual named individuals they can state on the form. The scheme would be better served if the Government or a registered charity matched Ukrainian families needing a home with sponsors offering their home in the UK. There are also legal implications for opening your home up. Properties that are mortgaged will have restrictions on allowing additional people to live in them. Mortgage lenders have specific rules with regard to lodgers, so will they waive any restrictive conditions? "Where a property is mortgaged as a rental property, lenders typically only allow tenants who are on an AST, which would not be the case here. Clearly there needs to be more input from the Government and from mortgage lenders so that the scheme doesn't cause any legal issues for homeowners with mortgages. "I think demand will be high and the issues I mention all seem rather trivial given the hardship many are facing in the Ukraine. Therefore, I would hope that the points mentioned above are addressed quickly so that all those offering homes can be matched with those in need."
"Anything to help people fleeing war should be looked at by lenders in a positive light no matter where in the world refugees are fleeing from. However, the majority of the ordinary working public won't have as much space in their homes as government ministers may think, so they could possibly look at empty properties owned by big business. But then any realist will know this won't happen."
Ross Boyd
CEO at Dashly.com
"This is a fantastic initiative and shows the level of support here in the UK for the people of Ukraine. I think the demand will be stronger than the Government are expecting. A lot of people are keen to help in any way they can. As ever, there will be challenges in the logistics and implementation of the scheme but the hope is that lenders and insurers will play their part in smoothing the process as much as possible. These are extraordinary circumstances and lenders, insurance companies and other relevant parties need to work closely and proactively with the Government to make the Homes for Ukraine scheme work. We can't have red tape and bureaucracy getting in the way of such an important initiative."