Jul/090
Will Governments Mortgage Help Plan help or hinder?
The Government have launched a new £285million scheme to help those who are struggling to pay their mortgages in the current economic climate. The scheme allows housing associations to buy the house and then rent it back to the original owners for a fair price.
Since launching the scheme four months ago, only two homeowners have received help. And of the 1000+ people who applied for the scheme, only 452 are eligible.
To be eligible you have to have dependent children, be elderly, or be disabled, all with the risk of repossession.
Some are arguing that the scheme is just not working because the criterion is allowing some families who aren’t eligible for the scheme to lose their homes as a result. But housing ministers are arguing back that during the early months they are seeing a vast improvement and that the scheme is helping a lot of people who would have lost their homes.
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