The Council of Mortgage Lenders (CML) has written to the Government to ask its views on a possible reform of the state safety net for borrowers.
The letter from CML director general Michael Coogan to the Chancellor of the Exchequer, also outlined a number of steps being taken by lenders to assist struggling borrowers. The letter stresses the urgeny of reforming income support for mortgage interest (ISMI) if those borrowers most at risk are to avoid repossession. Currently, mortgage borrowers are only entitled to state support after a lengthy period of unemployment, unlike tenants who can access rental support immediately. Coogan writes: “The Department of Work and Pensions' proposals to reform ISMI [income support for mortgage in...
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