Will the government's mortgage relief plan avoid or just delay repossessions?
With news that the Council of Mortgage Lenders in the UK fully expects repossessions to hit 75,000 in 2009 alone there is speculation that the government's much heralded mortgage relief plan will have very little impact on the market. Despite being announced a couple of weeks ago we are yet to see the fine print of the mortgage relief package and confidence in government's ability to reduce the number of potential repossessions is starting to wane.
Over the last few weeks we have seen a number of instances whereby headline grabbing policies and strategies have been announced only for a lack of fine print and details to be forthcoming. The more often the government announced packages without the fine detail the more doubt there is in Gordon Brown's ability to manage the UK economy which could ultimately cost him the next general election. Many homeowners are being given false hope that they will be saved only to find that the plan has yet to come into play and repossessions which have already started will be allowed to go on.
When the Council of Mortgage Lenders starts to question the impact which the mortgage relief plan may or may not have on the market, it is time to sit up and listen.
Share this..
Related stories
When will sterling bottom out?
It seems like a million years ago since the UK currency was around the $2 to £1 level as sterling again came under pressure after comments from credit ratings agency Fitch. Even though the overall situation appears to have improved over the last 24 hours the comments from Fitch have put UK investors and UK analysts on alert. It appears highly unlikely we will see the UK sovereign credit rating re...
Read MoreThe UK government set to crackdown on credit card industry
A government consumer White Paper due to be released on 2 July will begin a significant crackdown on the credit card industry and so-called payday loans which have plunged many consumers across the UK into significant debt. As we covered in one of our earlier post, the UK government has already indicated it will outlaw credit card cheques, many of which are sent unsolicited to potential customers...
Read MoreCeltic fans score with new finance deal
Fans of Celtic Football Club are set to benefit from the launch of a new service offering them specialist financial advice.Working in partnership with the long-term savings group AEGON UK, the football club will offer its supporters advice on a variety of financial products, including mortgages, pensions, annuities, life insurance and investments, through its Celtic FC Money Enterprise.In addition...
Read MoreBrown Tries To Gloss Over Darlings Remarks
Using a keynote speech at the CBI in Scotland we saw Gordon Brown looking more upbeat than he has for some time, more resilient and more candid in his approach to the struggle with the economy. While he has watered down his recent more optimistic tones he said that he was 'cautiously optimistic' that the UK downturn would be short and sharp, followed by a strong bounce. So what else did he have...
Read MoreHas the UK car industry finally turned the corner?
Even though today's results from UK car dealership Pendragon showed a 50% fall in profits to just over £11 million for the half year, it was the comment regarding the situation within the UK car industry which caught the attention of most analysts. The company believes that the glut of unsold cars is nearly cleared in the UK and the future is brighter than it has been for some time.
...