A new report commissioned by UK Finance – Challenges for our Home Ownership Safety Net: UK and International Perspectives – reveals the extent to which help, or a “safety net”, for homeowners facing financial difficulty has been scaled back over the past decade. Following the 2008 financial crisis the government strengthened the safety net for homebuyers but most of this support has now been withdrawn.
The report, is the work of three of the UK’s leading housing academics. Their analysis explores how the safety net for borrowers in financial difficulty has been eroded in the UK and compares it with other countries. It reveals that, while many nations do not provide support specifically for mortgage borrowers, in some cases this is because they already have more generous income support measures in place.