Mortgage support 'failing to protect homeowners'
Families struggling to pay their mortgages in the current economic climate are not being helped by a government initiative, the Liberal Democrats have argued.
The Mortgage Rescue Scheme was introduced in January of this year, but Department for Communities and Local Government statistics have indicated that only one household has been approved through the system.
And shadow housing minister for the Liberal Democrats Sarah Teather noted that "tens of thousands" of people are likely to have difficulty paying their mortgage and could face repossession this year.
"This is an appalling failure by a government that is more interested in headline-grabbing than in helping families through the economic crisis," she stated.
Those who are hoping to live in London but avoid the problems associated with taking out a mortgage may prefer to choose flats to rent in Greenwich and other areas.
Last month, charity Credit Action revealed that a home is being repossessed in the UK every ten minutes.
Written by Andy Britten
Published 1st May, 2009
© 2009 Estates IT Limited
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Families struggling to pay their mortgages in the current economic climate are not being helped by a government initiative, the Liberal Democrats have argued.