"Any move to recognise the plight of borrowers who could potentially lose their home must be welcomed, but this move is more about spin than substance. It is supposed to help the most vulnerable - yet it doesn't extend to those in negative equity who will be left out in the cold.
"I also suspect it will be a long time before there is widespread agreement for the scheme. The Government is yet to address many of the issues, such as many vulnerable families not owning a property that a Housing Association will want to add to its housing stock. Indeed, some less vulnerable families might be more likely to be helped simply because they own more suitable accommodation - which surely misses the point.
"I worry the financial assessment will be too long and drawn out, and will not react with the speed or flexibility needed to be effective. We should also acknowledge the scheme will only assist a small minority of struggling households. While it is better than nothing, I fear it will raise the hopes of many but end in helping only the lucky few.
"The best course of action for struggling mortgage holders would be to call their lender, but sadly most lenders don't have the resources to offer this free of charge. It is instead falling on the shoulders of services such as the Citizens Advice Bureau to advise people in financial difficulty."
