Apparently the Government’s £200 million Mortgage Rescue Scheme that has been running since last January, has saved only one family. At the same time 15,000 families lost their homes.

The Scheme was trumpeted by the Government as a life line to those in danger of losing their home because of mortgage repayment problems.
But figures just published by the Department for Communities and Local Government showed that of the 3,070 families which discussed their mortgage problems with the council, only 452 actually applied for help. Of these just one has been approved to received assistance under the Scheme. And we don’t actually know whether the transaction was completed because, as we all know, there can be a world of difference between “being approved” and the deal actually going ahead!

Under the Scheme, housing associations and councils were given state funding to buy a share in families’ properties inorder to reduce their mortgage payments and avoid the fear of being made homeless. When the scheme was launced ministers claimed that it would help 6,000 families over 2 years.

Even if it had suceeded as ministers predicted, it would have made little impact on the 75,000 repossessions forecast for this year alone.

No wonder ministers are tight lipped about the Scheme. This is an appalling state of affairs.

And by-the-way, what’s happened to the £200 million?