Government Urged _ Review Mortgage Income Support
Published / Last Updated on 13/12/2007
Council of Mortgage Lenders CML
The Council of Mortgage Lenders has called on the Government to review the help given to mortgage borrowers on income support. Currently, if you are unemployed you will be helped with your repayments after nine months and only on mortgages below £100,000.
Many borrowers would be unable to survive nine months’ loss of income without incurring significant mortgage arrears. The Council of Mortgage Lenders believe a review of how and when assistance was paid needs to be undertaken. If the cap had risen in line with house price inflation, it would stand at £300,000 instead of £100,000.
Our view
We disagree with the CML stance. If you are wealthy enough to afford a mortgage of over £100,000 then you are wealthy enough to afford income protection and redundancy insurance.
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