Mortgage Rescue Scheme saves six homes

| July 1, 2009 | 0 Comments
Mortgage Rescue Scheme saves six homes

Only six families have been helped by the government’s Mortgage Rescue Scheme, housing minister John Healey admitted yesterday.

Set up in January, the £200 million initiative aims to help vulnerable families at risk of having their home repossessed.

Participants in the scheme can choose to have their home bought by the local authorities then rented back to them, or to take out a Shared Equity loan to reduce their monthly repayments.

During May, 150 households applied for the scheme. Twenty-six of these applications were accepted, but only four households signed up.

Opposition parties accused the government of making it too difficult for struggling households to get help.

In response, housing minister John Healey said a new fast-track scheme is being set up to help families most at risk of repossession.

“To make sure families are getting the support they need, I can confirm that from this month a new central team will operate to manage and fast-track the cases of those most at risk of repossession,” he said.

The government estimates that the England-only scheme could help up to 6,000 homeowners that would otherwise face repossession.

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