The number of households successfully applying to the mortgage rescue initiative introduced by the government in January is set to improve, according to the Council of Mortgage Lenders (CML).
It was recently revealed by the Communities and Local Government department that only six people received some form of help from the scheme, which aims to protect families having trouble repaying their mortgage from facing repossession .
Bernard Clarke, communications manager at the CML said that the poor results are due to the time it takes for applications to be processed and more people will be helped with their mortgages in the coming months.
He added: "It was always going to take some time to consider individual cases because there are lots of individual factors that need to be taken into account to determine whether or not mortgage rescue is the right option for a borrower in difficulty."
The mortgage rescue scheme cost £200 million to implement and aims to help up to 6,000 households over the next two years.
Mortgage rescue scheme to improve
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