Home repossession measures welcomed
Home repossession measures welcomed
Thursday 11th December 2008
According to Al Elliot of the Homeowner Advice Centre, the initiative unveiled by Gordon Brown in parliament this week is "a big step in the right direction".
Under the Homeowner Mortgage Support Scheme, householders who have been made redundant or are having trouble paying their home loan for other reasons will be given support to avoid repossession.
They will be allowed to defer interest payments for a period of two years while getting their finances back in order.
"We have been waiting for this kind of government intervention for some time now," Mr Elliot said.
"Those homeowners whose unfortunate circumstances have led to repossession - like losing a job or temporary illness - usually do all they can to stop it going ahead," he added.
Figures from the Council of Mortgage Lenders state that 75,000 people are set to face home repossessions in 2009.
News article brought to you by SimpleIVA – UK IVA specialists.
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