A York charity has said that a new safety net needs to be put in place in order to protect the growing number of homeowners who are at risk of having their homes repossessed .
The Joseph Rowntree Foundation plans to set up a new insurance scheme, Sustainable Home Partnership (SHOP), to help people who who find themselves unable to work due to sickness, an accident or if they lose their jobs .
The scheme will run as a partnership between the Government, lenders and borrowers . It will provide a much cheaper form of insurance than is currently available and cover total mortgage repayments for ten months.
Homeowners are currently poorly protected against any loss of income, the charity warned, with under one-in-five having any form of private insurance, which is well under the 50 per cent the Government had hoped for.
During the last housing market recession in the early 1990s around 300,000 people lost their homes in five years. The Joseph Rowntree Foundation warns that if the last housing recession was repeated today, the number of people who were in serious arrears would be 25% higher.
Charity introduces insurance to help with mortgages
Financial Services > Income lnsurance > News
Charity introduces insurance to help with mortgages
Thu, 06 Mar 2008
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