Reductions to Mortgage Rescue Scheme

The news about the cuts in funding for a mortgage scheme that is supposed to assist struggling homeowners was not taken with enthusiasm by mortgage experts and homeowners alike.

Housing minister Grant Shapps has informed that although the Mortgage Rescue Scheme will continue, its focus will be changed. Thus, it will provide better value for money through a cut in the grant rate paid to housing associations.

Yet, Paula John, mortgage specialist of Incisive Media, said that such news is worrying for a large number of homeowners who have been hit by the economic crisis.

She expressed the view that an increasing number of people will be affected by the reductions in public sector spending.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.