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Government homeowner help welcomed

Government homeowner help welcomed

Category: Loans

Updated: 07/01/2009
First Published: 06/01/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Moves to help secured loans customers who may be facing repossession have been welcomed by the Association of Mortgage Intermediaries (AMI).

The government announced that its benefit scheme would be extended to cover homes up to a value of £200,000 - a doubling that the AMI noted is a larger increase than was expected.

And with homeowners now having to wait 13 weeks to qualify, rather than 39, the body added that the news will come as a relief to many who expect 2009 to be "a tough year for consumers".

"This will provide support to a small but important group of people who are vulnerable following job losses, in the current economic climate," said director Robert Sinclair.

The Homeowners Advice Centre recently called for lenders to pass on rate cuts to borrowers, but noted that they may be reluctant to do so and repossessions could rise as a result.

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