Only one household approved for mortgage support scheme

Since the Mortgage Rescue Scheme launched in January, only one household has been approved for help, it has been revealed.

According to official figures, while 452 households applied for assistance through the scheme, only one was successful.

Responding to the statistics, Bernard Clarke, spokesperson for the Council of Mortgage Lenders, said that the initiative was still in its "very early days".

He added that many homeowners would benefit from the scheme even if their applications were not approved.

Mr Clarke stated: "One of the benefits of the scheme is that it encourages people to make contact with their lenders and that means that, in a number of cases, other ways of helping the borrower in difficulty may come to light."

The Mortgage Rescue Scheme was launched on January 16th with the aim of helping 6,000 households over the next two years.

It is designed to prevent some vulnerable families losing their homes and experiencing repossession.