The Council of Mortgage Lenders had today urged the Government to help reduce arrears and repossessions by reforming the benefits system to help those in trouble.
In its pre-Budget report, the trade body calls on the Government to increasethe £100,000 maximum mortgage sum eligible for income support for mortgage interest. This threshold has not been increased since 1995.
The report also urges the Government to reform the stamp duty process and ensure there are enough energy assessors to deliver the energy performance certificate, part of home information packs.
CML head of research and information Bob Pannell says: “Home-ownership is far and away the most popular tenure in the UK. But it is surprising that at a time when the government is promoting the wider benefits of home-ownership, the safety-nets it has in place to help struggling home-owners are being neglected.
“We strongly urge the government to demonstrate its commitment to sustainable home-ownership by reviewing how the benefits system helps home-owners who find themselves in difficulty.”