Relief for borrowers as mortgage lenders toe line
Prime Minister Gordon Brown last month pledged that homeowners suffering a loss of earnings could defer mortgage interest payments for up to two years.The government has agreed to guarantee interest payments on mortgages worth up to £400,00 for those mode redundant or suffering a loss of income because of the economic downturn. Banks are also barred from repossessing homes where borrowers are less than six months in arrears.
The scheme was welcomed, but some expressed concern at the practicalities. Caroline Havers, partner at law firm Salans, said: "A six month moratorium will only be of use if lenders can come up with some innovative way of tackling the arrears problem. It is challenging enough for lenders to get an account three months in arrears back on track."
Meanwhile, the Council of Mortgage Lenders called for the "tug of war" government is inflicting on mortgage lenders to stop.
Director General Michael Coogan said: "To different degrees lenders facing conflicting pressures to recapitalise against possible future losses, service government’s preference shareholding at 12 per cent, pay a premium to access the Bank of England Special Liquidity Scheme, show forbearance to borrowers in arrears, following base rate moves down to help their existing borrows in arrears, following base rate moved down to help their existing borrowers, keep saving rates high to support existing savers, and provide competitive rates to new borrowers and savers to maintain economic activity in a recession."
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