Moat responds to the credit crunch 

Paul Hackett, Moat’s executive director of development and new business


With unemployment and repossessions rising, and mortgages hard to come by, Moat is determined to do all it can to support people through the financial difficulties the credit crunch is causing.

Through robust risk management and cautious budgeting, Moat is in an excellent position both to maintain delivery of new homes to meet housing needs and to help existing residents whose circumstances change through no fault of their own.

Paul Hackett, Moat’s executive director: development and new business, says: “The government is introducing new schemes for mortgage rescue services, rent to HomeBuy and HomeBuy Direct to help people manage their way through tough times and Moat will play its full part in supporting these initiatives in the areas where we work. Where we can, we will also develop our own solutions, drawing on our expertise and financial strength and our key role as the government’s Zone Agent for HomeBuy in Essex, Kent and Sussex.

“There is no silver bullet here. It is about a combination of responses to suit different circumstances. In high value areas, for example, we are looking to improve the affordability of shared ownership by reducing the rental cost and re-examining service charges where possible. We are also converting some homes to intermediate market rent or social rent where this is appropriate to what people are looking for locally.

“We are looking at every new development scheme and responding to the local market in what we offer. It’s important that we are as flexible as possible to give people choices about how they manage their way through.

“But what we won’t do is compromise the future of communities. Neighbourhoods need a certain mix of homes and people to be sustainable for the long term, so we must retain a good balance of provision over time.”