Brown reveals plan to combat repossessions
Brown reveals plan to combat repossessions
Thursday 4th December 2008
Under the prime minister's plan, struggling homeowners will be allowed to take a two-year 'payment holiday' on their mortgage interest while they get their finances back on track.
Introducing the initiative in the House of Commons yesterday, Mr Brown said it would apply to any homeowner who is made redundant or experiences a "significant loss of income" as a result of the economic crisis.
The scheme will cover loans of up to £400,000 in value and eight of the UK's major mortgage lenders have already signed up to take part.
A sharp rise in repossession levels has caused alarm among politicians and property groups recently, with data from the Council of Mortgage Lenders predicting that 75,000 people are set to lose their homes in 2009.
Earlier this week, the Daily Mail reported that some repossessions are being caused by unpaid credit card debt.
News article brought to you by SimpleIVA - UK IVA specialists.
Related News
Credit card debt 'causing repossessions' - 03/12/08
A growing number of British residents are putting their homes at risk due to unpaid credit card bills and other loan debts, it has emerged
A growing number of British residents are putting their homes at risk due to unpaid credit card bills and other loan debts, it has emerged
Lancashire residents urged to seek debt advice - 02/12/08
People living in Blackburn have been advised to seek help if they find themselves struggling to cope with debts over the Christmas period
People living in Blackburn have been advised to seek help if they find themselves struggling to cope with debts over the Christmas period
Borrowers 'must address credit card debts' - 01/12/08
A financial expert has urged British consumers to tackle their credit card debt problem before it is too late
A financial expert has urged British consumers to tackle their credit card debt problem before it is too late
People with credit card debt 'should seek help' - 28/11/08
Consumers struggling to pay their credit card debts should solicit advice to help tackle the problem, according to Apacs
Consumers struggling to pay their credit card debts should solicit advice to help tackle the problem, according to Apacs
UK on verge on bankruptcy, says Osborne - 26/11/08
Shadow chancellor George Osborne has accused Alistair Darling of driving Britain to the brink of bankruptcy with "reckless" economic policies
Shadow chancellor George Osborne has accused Alistair Darling of driving Britain to the brink of bankruptcy with "reckless" economic policies
News Article Search
Quick Apply
News Archive