Consumer advice: Cuts are badly timed for mortgagers
The public sector cuts could be bad news for consumers and those with mortgages, according to an expert, who said that they mean people need to reassess their spending in order to adjust to the new-look UK.
Paula John, editor of Your Mortgage, said that the planned public sector cuts are badly timed for people with mortgages looking for consumer advice.
“More people are likely to struggle with the cuts in public sector spending which are likely to impact on redundancies, increase unemployment and affect people’s abilities to repay their mortgages,” she stated.
At the moment, the expert believes that people looking for consumer advice with mortgages need some comforting news from the government.
Housing minister Grant Shapps recently announced that the Mortgage Rescue Scheme will be refocused to deliver better value for money and reduce the grant rate paid to housing associations, with tighter caps on property price and repair costs.
Posted by Alice Rowe