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'Low interest' in homeowner loan rescue scheme
The government has failed to gain much interest in its homeowner loan rescue scheme, according to an expert.
It has been revealed that the initiative has helped just 15 families since its launch in April 2009 and Andy Pratt, chief operating officer at broker Alexander Hall, has claimed the figure was "way below" expectations.
He suggested that there are several reasons why the service has not taken off, including a lack of understanding among consumers.
"People see it as something which is not what they want," he explained.
"It is a tough one. The first thing to do would be to sit down and actually talk to consumers."
The government's Homeowner Mortgage Support Scheme was launched to allow homeowners with mortgages worth up to £400,000 to defer a proportion of their interest payments for up to two years.
A range of lenders across the UK are taking part in the scheme.