Question reference: S6W-10237
- Asked by: Mark Griffin, MSP for Central Scotland, Scottish Labour
- Date lodged: 10 August 2022 Registered interest
-
Current status: Answered by Shona Robison on 7 September 2022
Question
To ask the Scottish Government, further to the answer to question S6W-08749 by Shona Robison on 14 June 2022, what modelling
it is undertaking to establish (a) the likely number of future applications to the
fund and (b) any risk of homelessness among mortgage payers, in light of the
Bank of England increasing the base rate to 1.75% and reports that inflation could
reach 13% by October 2022.
Answer
The Scottish Government monitors trends in arrears and repossessions data published by the Financial Conduct Authority (FCA) and UK Finance which is collated in the quarterly Scottish Housing Market Review Scottish housing market reviews - gov.scot (www.gov.scot) .
The Home Owners Support Fund is a last resort scheme aimed at properties at the lowest 20% of the housing market. Applicants must have either mortgage arrears or have an interest only mortgage that has reached the end of its term and have no appropriate option to either repay the loan or to re-mortgage. There are a range of protections, advice and support services already in place for homeowners and not all of those affected by the current cost of living crisis will apply to the scheme.