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Government help for mortgages “too slow”

April 30, 2008 by admin  
Filed under News, News-Mortgages

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The government should act more quickly when providing aid for mortgages to people in financial difficulties facing repossession, says National Homebuyers.

Michael Coogan, director general of the Council of Mortgage Lenders, told BBC Radio Four that changes should be made to the system of getting state aid as people cannot wait as long as nine months, which is how long it can currently take for the funding to come through.

“[The lender] has to start taking possession procedures in that period, so you may have lost your home before the state support becomes possible,” said Mr Coogan.

Fast property sale expert and director of National Homebuyers Julian King says the current economic conditions mean that people will find it increasingly difficult to meet their mortgage payments.

Mr King says people can make use of rescue solutions such as Sell and Rent Back, although they should be careful when choosing their provider.

A number of large lenders have recently restricted their lending criteria, including Nationwide, Lloyds TSB and Abbey National.

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