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Support scheme may not be answer, says IMLA

Peter Williams, executive director of the Intermediary Mortgage Lenders Association says the government’s Homeowner Mortgage Support scheme may not provide help for everyone.

He says: “This is a further component in the mechanisms put in place to help mortgage borrowers who are in difficulty, and has been worked up following discussions between government and a number of lenders.

“However, there is a fairly complex set of requirements and many borrowers won’t be eligible or it may not be suitable for their individual circumstances. It is unlikely to be an all purpose panacea for home owners who are struggling, but the fact remains that lenders are already providing substantial support and flexibility to help people stay in their homes.

“Repossession is an unwelcome outcome for lenders and they do everything in their power to avoid it.”

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Chancellor will need a magic moment

This week’s Budget will more closely resemble a performance by magician Paul Daniels than a speech by Vilfredo Pareto or Arthur Cecil Pigou, both influential economists. With little if any cash at his disposal chancellor Alistair Darling’s second Budget is likely to produce more smoke and mirrors than anything of substance for taxpayers, let alone the mortgage market.

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Infographic — health cash plans 2014

Health Shield has strengthened its position in the cash plan market, according to the latest Laing & Buisson report, increasing its market share by income from £27m in 2012 to £29m in 2013. The Health Cover UK Market Report 2014 revealed that the non-profit-making Friendly Society was the only provider in the top four to have increased its market share by income over the past year. Health Shield was also the only cash plan provider in the top four to have increased its market share by income every year for the previous five years. This infographic presents the figures.

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