Mortgages Uncovered

The government turned its focus to helping struggling homeowners who were struggling with repossession due to missed mortgage payments due to loss of jobs.

In its pre-budget report yesterday the government announced that from April 2009 it would cover the interest due on mortgages of £200k and over for borrowers who have been out of work for 13 weeks or more.

Previously there was only support for homeowners with mortgages of £100K or less.
Despite the recent interest rate falls the maximum rate of interest which the government is committing to pay will be 6%.

The government is asking banks to be less harsh with borrowers who have missed mortgage payments and stated that home repossession should be the last resort in that banks should do everything to help people struggling with mortgage payments.

The new government measures are completely supported by The Council of Mortgage Lenders although there was a general feeling from CML that more would need to be done to really help the growing number of homeowners who have already lost their jobs or could face redundancy in the next two years.

“Everything announced today is helpful, if modest,” said Michael Coogan, director general of the CML.
Melanie Bien who is Director of Savills Private Finance was one person who claimed that the government initiatives would serve to help the more vulnerable borrowers but would not help to stimulate a slowing housing market.

“These are extremely difficult times for the housing and mortgage markets, the two main problems facing the chancellor are to urgently help those families in danger of having their homes repossessed and to reinvigorate the housing market.”

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