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'Slow take up' of mortgage rescue scheme
Only six households have been granted help by the Mortgage Rescue Scheme since it was introduced by the government in January.
Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), said the limited take up because of the time that it takes to assess the merits of each individual case.
Figures from Communities and Local Government show that 150 households applied for help from the scheme in May 2009, but only four were successful.
Mr Clarke added that the scheme is "only for borrowers in a fairly narrow range of circumstances" and that many other options are available to homeowners who are struggling with their mortgage repayments.
The CML reported on June 22nd 2009 that it had decided to revise down its prediction for the number of repossessions in 2009 from 75,000 to 65,000.
It expects around 360,000 mortgages to be in arrears by the end of the year - equivalent to around 2.5 per cent of total mortgages