Rowen presses on mortgage rescue scheme

Paul Rowen MP

Paul Rowen, MP for Rochdale, this week questioned the Minister for Housing John Healey MP on funding for mortgage repossession schemes.

Mr Rowen highlighted the Mortgage Rescue Scheme, which has recently been launched by Rochdale Borough Council. He asked the Government to ensure that funding would be available for schemes such as this beyond next year, when current funding finishes.

There were 46,000 mortgage repossessions in the UK in 2009. The number of mortgages in arrears increased substantially, and 10% or over of the outstanding mortgage balance in 2009 was in arrears.

The Minister agreed that mortgage rescue schemes have been key in keeping mortgage repossessions down during the recession, but failed to guarantee whether there would be funding for these schemes beyond the planned period. 

Mr Rowen said: “Mortgage rescue schemes such as the one launched in Rochdale play a vital role in keeping people in their homes and helping them sort out their finances.

We must ensure that funds for these schemes is ongoing so that people struggling to cope with mortgages and other financial commitments during this economic crisis are offered help and support.

The Government needs to be doing all it can to protect the thousands of families whose homes are at risk, many of which are in Rochdale.”