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Mortgage rescue details announced

Discussion in 'General Discussions and Lounge' started by temi, Dec 11, 2008.

  1. temi

    temi Facilitator Webmaster

    More details of the government's new homeowner mortgage support scheme have been announced by the Treasury.
    Homeowners who suffer a big drop in income, and meet numerous criteria, will be able to defer their mortgage interest payments for up to two years.
    The scheme, which may help only about 9,000 homeowners, will be voluntary for lenders, though the eight largest are supporting it "in principle".
    No start date has been fixed, but the scheme should begin next year.
    The idea was first unveiled by Gordon Brown on 3 December.
    The Treasury said some of the practical details were still being worked out.

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