Mortgage brokers association applauds extended government help for homeowners

Date:Tuesday 6th January 2009
Author: Max Freedman

An extension of government help for struggling homeowners has been welcomed by a mortgage brokers association.

The Association of Mortgage Intermediaries (AMI) said that the new measures, aimed at assisting people who suffer from job loss, was a positive step.

Claimants will now have to wait just 13 weeks to be eligible for Support Mortgage Interest benefit, rather than 39.

In addition, the scheme will cover home loans worth £200,000, up on the earlier £100,000 limit.

Work and pensions secretary James Purnell said that the changes were designed to help people who suffer from unemployment and had been brought in as fast as possible.

AMI director Robert Sinclair said that the changes would affect "a small but important group of people who are vulnerable following job losses in the current economic climate".

He also warned mortgage holders to get in touch with their mortgage broker or lender as soon as possible if they anticipate difficulty with their repayments.