Struggling howeowners in negative equity will be unable to benefit from the Government's mortgage rescue package, according to The Times.
The Government's £200m mortgage rescue package will do nothing to ease the suffering of struggling homeowners in negative equity, as they will be barred from the scheme even if they desperately need to raise cash. Timesonline has learnt that homeowners struggling to pay their mortgage will be prevented from benefiting from the rescue package, announced on Monday, if their property is worth less than the value of their mortgage. That includes thousands of customers who took out a Together mortgage with Northern Rock, the nationalised bank, which offered cash-strapped first-time buyers lo...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes