It may be a number of months before the impact of the government's mortgage approval scheme is seen, an expert has claimed.
Although it is only available to a number of borrowers with certain circumstances, Bernard Clarke, communications manager at the Council of Mortgage Lenders believes it could still make a difference.
"A slow take-up in terms of the number of people accepted into the scheme is probably what we would have expected, and you would expect the numbers to pick up in the coming months," he continued.
Several things have to be taken into account when considering if mortgage rescue is the right way forward for some property hunters, Mr Clarke added.
The Mortgage Rescue Scheme was launched at the start of the year by Communities and Local Government with the aim of helping 6,000 households over the next two years.
It is aimed at people who would be eligible for homelessness assistance and it is subject to a range of eligibility criteria.
See Also: Property News (5977)
Date Published: 02 July 2009
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