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Red tape wrecks homeowner support scheme

Treasury select committee chairman John McFall says the Government’s homeowner mortgage support scheme is not working because it is too bureaucratic.

At a select committee Budget inquiry on Tuesday, McFall, Labour MP for West Dunbartonshire, said bureaucracy was preventing lenders from signing up to the scheme.

He said: “I have spoken to building societies and banks and they tell me this is a hugely bureaucratic scheme where they are having to sign something like 200 pages of paper.”

He said the Treasury should redesign the scheme and added: “When we do face tougher times and increased unemployment and people are getting repossessions, we can have a scheme that is fit for purpose.”

Treasury public spending director James Richardson said: “We are happy to look at it in light of the views of the committee but banks and building societies covering 80 per cent of the mortgage market are offering comparable terms.”

Savills Private Finance director Melanie Bien says: “It has been a quite disappointing number of lenders that have signed up. It is a shame as they have had a opportunity which has not been taken.”


More declines in property sector

Investors feeling optimistic about a recovery in the property market will be disappointed by the latest property stock figures from Standard & Poor’s Index Services. The firm said that developed world property stocks continued to fall in the first three months of 2009. The S&P Global Property index fell by 19.81%, while the Developed Property […]

Stress test

The pre-summer months should really be positive ones. The days are longer, the weather is getting warmer (we think), we are past the Budget announcement, the summer – and hopefully a holiday – is on its way.

Manager focus: Andy Brough

Andy Brough, the manager of the Schroders UK Mid 250 fund, has admitted to investors they would have fared better in an index fund than his mandate.

Home truths

Are we seeing the beginning of another cultural revolution? Chairman Mao and Margaret Thatcher were both instigators and architects of their very own cultural revolutions which changed the face of their nations.


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