Mortgage Rescue Deals – Will Homeowners Benefit?

The government has announced proposals to support those who are facing possible repossession, however, the stringent criteria of the proposals could mean that as little as 9,000 people in the UK will benefit. It has been predicted that repossessions will reach the heights of 75,000 next year and although the plans are an attempt to safeguard those who may be facing repossession, they are arguably an inadequate solution.

The list of criteria means that the majority of homeowners facing repossession will not be supported under the new scheme. Only those who have experienced a significant drop in income which makes them unable to meet mortgage payments will be eligible for the scheme. Some of the further conditions of the scheme include only those with mortgages under £400,000 who have already fallen into arrears and sought advice for their debt management are applicable for support.

The rescue deals, despite their criteria are a positive move by the government as those who are eligible will stop repaying interest on their mortgages for 2 years. However, this interest is added onto the total amount owed and will have to be paid back after the two year period or, if it comes earlier, when the homeowner is back in employment and can afford mortgage payments.

A spokesman for the Treasury said: “The new scheme will provide a bridge, giving homeowners who are experiencing financial problems sufficient time to find new employment or recover income, without the added concern and stress of potentially losing their home in the interim”

Despite the positive move by the government, a further issue with the rescue deals is that the major lenders in the UK have only agreed to the proposal “in principle”. This unpromising response culminated with the long list of criteria provides little hope to the thousands of homeowners across the UK struggling to meet their mortgage payments and hoping for government support.

We are experts in providing a quick exchange and can often complete a sale within a matter of days, without any expensive agent fees or the hassle of moving home. Contact Swift Capital today and see if we can offer you a solution to stop repossession.

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