Lenders Urge Gov't To Review Help For Hard-Hit Homeowners

Law360, London (May 28, 2021, 6:15 PM BST) -- Trade bodies representing British banks and building societies have called for a reduction in the time struggling homeowners on state benefits have to wait before they can access government-issued lending, saying doing so will prevent their financial situation from worsening.

People who are currently facing difficulties have to wait 39 weeks to make a claim for the "support for mortgage interest" facility. But this should be reduced to 13 weeks, the UK Finance and the Building Societies Association said on Thursday.

The facility is a loan issued by the Department for Work and Pensions for people who have no earnings or...

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