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cashinmattress

Mortgage Scheme Won’t Hit Target Until 2041!

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Oh most definitely. There are a lot of bureaucrats and quangocrats in the system which need their fat salaries and bonuses.

FOI act request would get the info on how much has been spent?

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Mortgage scheme won’t hit target until 2041!

The Government’s much-heralded Mortgage Rescue Scheme will take 34 years to hit its target of helping out 6,000 struggling mortgage payers at the current rate of success.

The £285 million scheme has so far successfully completed two deals since January.

According to Housing Minister Margaret Beckett, local councils are receiving 1,000 inquiries a month for help from people struggling to repay their mortgages.

Two have successfully completed deals and another 70 have had repossessions frozen to see if they can be helped under the scheme.

Now look at the math - if all 72 people receive help under the scheme out of 5,000 applicants to the end of May, that’s a success rate of a measly 1.44%.

If the inquiries remain static - as they have for the past five months, that means the scheme needs 416,666 applicants to reach the target of 6,000 completed deals.

So, that’s 416 months or 34.6 years required to meet the target - so the good news will hit the world sometime in 2041.

“We expect many more households to be helped in the coming months,†she said. “Our objective is to ensure that repossession is always the last resort and this scheme is just one part of a comprehensive package of measures we’ve put in place to assist families at risk of losing their homes,†said Beckett.

Comment - The problem is statistics don’t actually tell you anything unless they are related to people.

The Government is spinning the Mortgage Rescue Scheme figures to make a failure look like a success, but when someone sits down and actually works the math, the results look about as genuine as an MP’s expenses claim.

Yes, so that is a long time on the waiting list, eating cold beans over candle light.

Strong government = Strong economy?

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Two have successfully completed deals

I think if this government backed scheme has managed to help out two families from being repossed , then we can

safely say the scheme has been a success by this governments standards .

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Hasnt the one that kicks in after 13 weeks stopped thousands of repossessions?

There was an article on the various schemes in the times the other week, and theres about a half dozen other headline grabbing schemes that were never intended to have much effect, only the 13 week thing was a serious policy.

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This money would have been far better spent addressing real isssues that can make a difference to the man in the street with immediate results.

£280m would have been enough to employ 4 Climate Change Officers to be sited in each and every local council for six years.

By licking their finger and sticking it out the window four times a day, they could correlate their information onto a central database supplied by an MP or a member of his family, and work out the difference in temperatures in various parts of the nation, and identify which way the wind is blowing.

Temperature readings could be on a scale of Pinky 1 2 3 or 4 being the coldest, and North, South, East, West for wind direction.

Imagine having this data to hand for over six years, it would be possible to predict the climate forwards for a further 25,000 years, and we could them make adjustments to our lifestyles such as a worldwide cull of sheep.

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I bet the money has all been spent though...

I think you have hit the proverbial nail on the proverbial head.this is a governement sponsored scheme, administered by local authorities....which translated into English means that for every pound they dole out they will take at least one hundred pounds in expenses to administer.. I would expect this £285 million to be absorbed pretty quickly by the councils, but at least this might keep your rates down...unless of course its going to pay your local councillors expenses and allowances................ :o

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