3 Jul

CML discusses Mortgage Rescue Scheme

CML discusses Mortgage Rescue Scheme

The Council of Mortgage Lenders (CML) has explained that a slow take-up in the number of people accepted on to the Mortgage Rescue Scheme is the reason why it is taking its time to show rewards.

However, the organisation claimed that numbers are likely to pick up in the next few months.

It furthered that many individual factors need to be taken into account "to determine whether or not mortgage rescue is the right option for a borrower in difficulty".

Bernard Clarke, communications manager at the CML, said that this means it can take time to consider individual cases.

He said: "It is only for borrowers in a fairly narrow range of circumstances and it is only one of a number of options.

"The fact is that there are a number of alternative things that the state is offering."

At the end of June the CML revised its prediction for the number of repossessions, estimating that there will be 65,000 instead of 75,000 in June this year.

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