Help for struggling mortgage holders
January 7, 2009 by Brendan
News
Experts have predicted that repossession figures this year could increase to up to 75,000 – quite an increase on the 45,000 from last year.
In response, the Government has announced mortgage relief for those on unemployment benefit, which could be quite a number judging by the volume of redundancies being announced in the media on a regular basis at the moment.
The Support for Mortgage Interest scheme has now been increased to allow help for loans up to £200,000 now, whereas this figure was just £100,000 previously.
In addition, people will no longer have to wait the 39 weeks to qualify but can receive help from just 13 weeks.
Of course, this only helps those living in a house on their own or those where both members of the couple have lost their jobs. A new scheme, the Homeowner Mortgage Support scheme, is now being finalised between the Government and lenders to help those who are having trouble because just one of the couple has lost their job.
News like this is great for the market as it will help to calm fears and avoid panic selling, which helps no-one.
Written by
Brendan
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