AMI urges more help for homeowners

By MoneyhighStreet Staff. Published on September 2, 2008 This post currently has no comments.

balancing the books
The AMI calls for better support for homeowners struggling with mortgage repayments.

A call has been made for more help to be offered to homeowners and first-time buyers by the government by the Association of Mortgage Intermediaries (AMI).

These comments come after it emerged that the government is planning to unveil a mortgage rescue scheme that will help homeowners remortgage their homes and avoid repossession.

However, the AMI has called on the government to do more to support those facing the prospect of IVAs or debt relief because they are struggling with repayments.

Chris Cummings, director general of the AMI, said: "We are calling for a thorough and urgent review of Income Support for Mortgage Interest (ISMI).

"We believe the waiting period for support should be cut and for the capped interest of £100,000 to be increased in line with average house prices."

The AMI has also urged a review of the stamp duty tax to reduce the burden on first-time buyers trying to find mortgages.

Prime minister Gordon Brown announced on Tuesday September 1st that the year-long exemption from stamp duty would be extended to properties valued at less than £175,000.