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Mortgage support 'needed from govt'

By Jonathan Dawes, Tue 9 Sep 2008 - Published in Mortgages

The government should introduce more measures to support people with mortgages and those who cannot get on the property ladder, experts have claimed.

According to the UK Insolvency Helpline, a network of lawyers and accountants specialising in money advice, the government's recent moves on stamp duty and support for first-time buyers could be "too little, too late".

Ian Boden-Smyth, PR spokesman for the organisation, said measures such as government-subsidised deposits, which would be recovered through national insurance contributions, could be a potential solution to the problems in the mortgage market.

He added: "We are still getting an enormous amount of mortgage applications and an enormous amount of people in debt, who just can't get mortgages."

Mr Boden-Smyth also pointed to the number of housing associations which offer part-rent, part-buy home equity deals, but said it is the government which has the most ability to help people onto the property ladder.

Earlier this month, the government announced that stamp duty will not apply to homes worth £175,000 or less for one year, while first-time buyers with a household income of less than £60,000 can apply for equity loans of up to 30 per cent of the value of a property.