Whilst the Comprehensive Spending Review has led to average cuts of 19% across all Government departments (except health and overseas aid), the Government has announced that £200 million will be available in the budget over the next four years to continue to provide the Mortgage Rescue Scheme.
This is good news for all providers and applicants who had feared the scheme would stop on 31 March 2011.
We await more details as to what changes will be made to the Mortgage Rescue Scheme and are in contact with the Homes and Communities Agency over these new plans. They have advised us that they are currently in discussion with Communities and Local Government and that further details on the proposals will be available in the next couple of weeks. We will provide further information on the proposals once available.