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Mortgage article 14:Benefit reforms have weakened the housing safety net - CML research; page 2
"This research is the first proper study of the impact of the 1995 benefit reforms and sheds light on the existing gaps in support for home-owners. It also looks at the full range of options and challenges for the Government, lenders and insurers to create an adequate safety net.
"Some poorer home-owners may not be able to afford insurance and are not entitled to the Housing Benefit that is available to tenants, including those in work. The introduction of a housing tax credit would remove a bias that means that home-owners on low incomes are treated less favourably by the state than tenants. Equally, although it is right to put the onus on borrowers to protect themselves, not all events are insurable. That is why the Government, lenders and insurers must continue to work together to create fully sustainable home-ownership."
Note to Editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are more than 11 million mortgages outstanding in the UK, worth a total of more than £590 billion. Further background information on the CML is available from our website at www.cml.org.uk.
2. Copies of the research report, Evaluating the Mortgage Safety Net, are available from the CML, priced £30 for members and £50 for non-members. For further information on CML publications, contact Liz Porter (firstname.lastname@example.org)or telephone 020 7440 2229. End of article - Back to mortgage articles list
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