|
Govt announces support for homeowners
11 December 2008 17:06
The government has announced a raft of new measures designed to help homeowners through the economic crisis.
Under the Homeowner Mortgage Support Scheme, the treasury has said that those who fall out of work during their repayment period will be able to receive support.
Homeowners who fall behind on payments while unemployed - rather than come at risk from repossession – will instead be allowed to defer temporarily until their financial situation improves.
In a statement, the government said that the new programme would give homeowners going through problems a chance to find suitable work, without having to get overly-anxious about whether they could lose their property.
While the strategy will no doubt bring comfort to those hit by the difficult economic climate, it is subject to a number of eligibility criteria, which take into consideration the value of the mortgage and borrower savings.
The scheme is intended to last for an initial two years, although the government has stated that it will be reviewed.
|
