More govt. help with mortgages

The Government has announced that it will provide more help to homeowners who are struggling to make their mortgage payments after becoming unemployed.

As The Guardian reports, ‘Thousands more households will qualify for state help with [mortgage] interest payments after the threshold for qualification was raised and the waiting period slashed by two thirds to 13 weeks’.

Effective immediately, income support for mortgage interest (ISMI) will now be available to people with mortgages of up to £200,000 – rather than £100,000, as had been the case.

According to Work and Pensions Secretary James Purnell: “We have changed the rules to make sure even more people can get help with their mortgage payments if they lose their job.”

“...we will do everything we can to give people the real help they need. That is why we will give financial help towards mortgage payments for someone while they are looking for a job.”

“Keeping up with mortgage payments can be a major concern in today’s economic climate,” said a mortgage expert for Think Money. “The Council of Mortgage Lenders predicts we’ll see around 75,000 repossessions this year – and around half a million mortgages over three months in arrears.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, or just looking for mortgage advice, contact one of our expert mortgage advisers today.

Tags: mortgage, mortgages, mortgage payments, government, government help, The Guardian, Council of Mortgage Lenders, mortgage advice

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