Magazine article Public Finance

Mortgage Scheme Applications to Be Fast-Tracked

Magazine article Public Finance

Mortgage Scheme Applications to Be Fast-Tracked

Article excerpt

Families seeking help through the government's £285m mortgage rescue scheme are to have their applications fasttracked after just 15 were approved in the first six months.

Figures show that an increasing number of households with serious mortgage difficulties are accepting offers from housing associations to sell and rent back their property. Nine applications were finalised in June.

But the Department for Communities and Local Government remains concerned at the time taken to get applications processed and properties valued. Two months ago, Terri Alafat, the DCLG's director for housing delivery and homelessness, said it was 'taking too long for people to get through the system'.

While councils will continue to run the scheme, which was launched in January, the DCLG is setting up a central team to fast-track applications and reduce processing times. A public information campaign will be launched later this year.

According to ministers, other measures to reduce repossessions, including agreements with mortgage lenders, have reduced the number of households needing to use the rescue scheme. But 454 applications are still being assessed by local authorities. …

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