Few households 'approved for rescue scheme'

Date:Friday 3rd July 2009
Author: Max Freedman

Only a small number of households in the UK have been approved for help from the Mortgage Rescue Scheme since it was introduced by the government in January, new figures reveal.

Produced by Communities and Local Government, the statistics show that 150 households applied for help from the initiative in May this year, but only four were successful.

In response to the figures, Bernard Clarke, communications manager at the Council of Mortgage Lenders, said there was always likely to be a slow take-up because of the time it takes to assess the merits of each case.

However, approvals will pick up over coming months, he added.

Mr Clarke remarked: "It was always going to take some time to consider individual cases because there are lots of individual factors that need to be taken into account to determine whether or not mortgage rescue is the right option for a borrower in difficulty."