Services
People
News and Events
Other
Blogs

More help is now available for mortgage strugglers.

  • Posted

Since early January, more help has been available for any homeowners who are struggling to pay mortgages after losing their jobs – and more is on the way. According to local solicitor Peter Littlefield of Gepp & Sons in Chelmsford, "The Government has doubled the size of loans covered by its Support for Mortgage Interest scheme, from £100,000 to £200,000. This means that people on very low or no incomes will get help with paying the interest on the first £200,000 of a mortgage, but it does not help with repaying the capital or any associated endowment or pension policy. In addition, the period that people need to wait for this support to kick in has been reduced from 39 to 13 weeks after the job loss." The scheme only helps people buying on their own, however, or households where both partners have lost their income. "The Government is currently discussing with lenders the details of a new scheme called Homeowner Mortgage Support, which will help struggling couples where one partner has lost a job," Peter Littlefield continues. Peter Littlefield is keen to emphasise, however, that people should not rely on such schemes to help them keep their homes should the worst happen. "It is predicted that some 75,000 UK homes might be repossessed this year, Peter Littlefield says. "It is vital that anyone experiencing difficulties with paying their mortgage should contact their lender straightaway to discuss the options open to them. "But if you feel you have been treated unfairly by your lender, we can help you decide if you have a case against them – call us on 01245 228108 to talk it through with one of our specialists." - ends - Notes to Editors: • For additional information or comment please contact: Peter Littlefield of Gepp & Sons.

Comments