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Bluecygnet News and Events

£285m Mortgage Rescue Scheme helps 276 households

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Posted 08 March 2010

It has been just over a year since the Government introduced its Mortgage Rescue Scheme to provide much-needed help to the hundreds of thousands of Britons struggling to pay their mortgages, however 13 months on and £285 million later, figures have shown that only 276 homeowners have completed the full process.

Designed to tackle the growing problem of repossession, the scheme was put in place to support the most vulnerable households and keep families with dependent children, the elderly and the vulnerable in their homes.

It aimed to help 6,000 households, but statistics published by Communities and Local Government for the October to December 2009 quarter show that only 182 homeowners accepted offers through the scheme.

Even this low number equals twice the amount who accepted offers between January and October 2009.

However, local councils have claimed that since its launch over 15,000 households have approached their local authority and received free advice. 

Bluecygnet’s comment; "As with all schemes we at Bluecygnet feel that not everyone gets the chance to take advantage of them and the alternative "Home Recovery Scheme" should be considerd as an alternative to selling up and moving with all its disadvantages."

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