Government mortgage scheme 'no help to many'
Many people struggling to meet mortgage payments are unlikely to be helped by new government measures, it has been suggested.
According to the Homeowners Advice Centre, the new scheme to provide financial aid only benefits a small group of people.
Co-owner of the body Chris Jenkins noted that households with any income, no matter how small, will not be eligible.
And he criticised the scheme's assumption that a mortgage's interest rate is 6.08 per cent, saying that in reality many are much higher.
"This could leave some people with a substantial shortfall between their payments and the benefit received," Mr Jenkins remarked.
Those looking for a home in London but wishing to avoid the problems associated with taking out a mortgage may wish to rent a house or flat instead.
A recent estimate from the Council of Mortgage Lenders suggested that a total of around 45,000 properties were repossessed in 2008.
Published 8th January, 2009
© 2009 Estates IT Limited
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Many people struggling to meet mortgage payments are unlikely to be helped by new government measures, it has been suggested.