Mortgage rescue scheme funding cut

The schemes, which help vulnerable borrowers sell a portion or all of the value of their homes to housing associations so they can stay in the property, will see cutbacks, including tighter caps on property prices and repair costs. Since its launch in April 2009, the Homeowners Mortgage Support Scheme has only helped 34 people, although more than 1,600 are in the system having applications processed. Council of Mortgage Lenders' (CML) figures predict a worsening repossessions climate with 53,000 repossessions expected in 2010. But housing minister Grant Shapps says the most effecti...