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The Greatest Plans of Mice and MPs

Friday, 10 Jul 2009 by lee | 0 Comments

Nice idea, but.....

In a recent article by Natalie Martin in Mortgage Strategy (1 May 09), she confirmed from figures released by the government that only one household has been approved for its Mortgage Rescue Scheme since January.

The £200m scheme aims to help those at risk of repossession by enabling councils and housing associations to purchase a share in properties under a 'buy-back' rescue deal.  During January and February 284 households applied to take part in the scheme, while in March 168 households applied for the scheme, but just one household in the East of England has been approved.

While 1,104 households approached their local authority to say they were having difficulty repayment difficulties during March, 407 of these were at risk of repossession. The government designed the scheme to help 6,000 people over two years, it was first announced in September last year and was launched on January 15.


What now?

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