Labour's Mortgage Rescue Scheme has hardly rescued anyone

“We are facing more and more home repossessions in Thanet and Sandwich and where is the Mortgage Rescue Scheme that was launched to save these families from repossession?” said Laura Sandys.

Since January when it was eventually launched – having been announced in Autumn 2008 – only six families across the country have avoided repossessions because of this scheme.
With a prediction that up to 75,000 house repossessions will occur in Britain by the end of 2009, this government scheme is obviously failing.

There is £285 million sitting somewhere in Whitehall unable to be accessed by the families who need it in East Kent and around the country.

Grant Shapps, the Conservative Shadow Housing Minister said “We were told by Ministers that the elderly, families with young children, the disabled and pregnant women would be helped and that 6,000 homeowners would be able to stay in their homes as a direct result of this policy…. the scheme’s failure certainly cannot be attributed to a lack of demand.

Since January, 5,342 homeowners have contacted their local authority about difficulties paying their mortgages including nearly 1,500 in the priority categories the Mortgage Rescue Scheme was specifically introduced to help.”

“I meet people all the time who are facing real financial difficulties and ask me about the Mortgage Rescue Scheme in the anticipation that it is there to help them.” said Laura. “On the Government’s current record I am not sure that I can give them any reassurances at all that the scheme will keep them in their homes.”