All local authorities in the UK have now signed up to the government’s mortgage rescue scheme, with as many as 300 households already qualifying for the support plan. Communities and Local Government says the impact of the £200 million scheme introduced in September 2008 to prevent as many as 6,000 repossessions from occurring is difficult
A new £200 million scheme to prevent thousands of vulnerable people from losing their homes and avoid repossession comes into force nationwide today. The scheme allows housing associations to buy homes, worth up to £400,000, from people struggling to pay their mortgage. The homeowners would be allowed to remain in their property either as tenants
The government’s £285 million mortgage rescue scheme has helped just two families since it was launched in January. The scheme, where homeowners can sell part or all of their homes to housing associations and rent them back, was expected to help up to 6,000 households stave off repossession. A spokesperson from Communities and Local Government
The government is to announce up to £500 million to help struggling homeowners keep their homes. It is expected that the homeowners mortgage support scheme will allow borrowers with mortgages up to £400,000 to take a payment holiday if they suffer an ‘income shock’. It will also allow borrowers to defer payment on up to
However, consumer groups and charities including Shelter have been speaking before a Treasury select committee looking at how mortgage lenders handle repossession cases. They have called the government schemes ineffective and accused the Financial Services Authority of being too slow in penalising lenders who are guilty of bad practice, and of failing to name and
John Healey has announced plans to set up a new central team to fast track urgent home repossession cases from next month. He defended the government’s effort to help struggling homeowners saying it has put into place help ‘at every step of the way’ and to ensure that lenders can only repossess homes as a
The latest figures of those homeowners approaching the mortgage rescue scheme for help in paying mortgages have been released today. A further four households have been accepted, bringing the total to six which have benefited, but the number approaching the local authorities for help has remained steady.
In Scotland, homeowners have been given help by the government, as two new mortgage schemes are launched. One deal allows the government to take a financial stake in the home of those who may be about to be made homeless, while the second scheme helps people threatened with repossession stay in their homes as tenants
Meanwhile a Norfolk family is one of the first to benefit from the homeowner’s mortgage support scheme. Ms Whitford fell more than £4,000 behind on her mortgage after she gave up her job, and now the family’s home has been bought by a housing association and is being rented back to the family. The housing
The government’s scheme to help homeowners struggling in arrears is in jeopardy, after slow take-up from lenders. The homeowner mortgage support scheme is designed to allow homeowners who suffer a sharp drop in income to defer interest payments for up to two years, and was due to be launched in April. Nationwide Building Society the