Your location: Pre-budget report welcomed
24 November 2008
Shelter has welcomed the housing measures in the pre-budget report, but said Chancellor of the Exchequer Alistair Darling has not gone far enough.
The main housing points in the pre-budget report were:
- A rise in the threshold and interest rate payable for ISMI
- An agreement with lenders to delay repossessions action
- An increase in the scope of the mortgage rescue package
- £15 million more for debt advice
- Nearly £800 million spend brought forward for social house-building, and a promise of more to come.
Shelter chief executive Adam Sampson said 'Some of these measures are welcome, but the Chancellor's failure to increase the amount of money for social housing means the Government will not achieve its three million house building target, or ease the hardship of the 5 million people on council house waiting lists.'
Mr Sampson said the announcement on ISMI, the three months repossession grace period, and injection of cash for Mortgage Rescue Schemes and debt advice will help some homeowners.
But he added: 'If Mr Darling really wants to make a difference to struggling households he should be making sure lenders allow homeowners to switch to interest only mortgages, extend the repayment term, put outstanding debt onto the mortgage and take a repayment holiday.'
Read more on the announcement in Adam Sampson's blog
