Help for people struggling with mortgages launched

A new government initiative aimed at helping homeowners affected by the economic downturn has been introduced.

The Homeowner Mortgage Support scheme has been brought in to offer aid to people who suffer from a temporary loss in income.

It enables them to lower their home loans repayments for up to two years, with the government offering lenders guarantees to protect against borrowers defaulting on their mortgages.

Housing minister Margaret Beckett hailed the move, stating that it is a “result of excellent co-operation between the government, lenders, and money advice services”.

It will allow property owners who are struggling with loans “a bit more time to get themselves back on their feet”, she added.

Citizens Advice was among the organisations who welcomed the scheme, with spokesperson Teresa Perchard noting that there is now “a lot more help out there” for people in arrears.

She urged people having repayment troubles to contact lenders to discuss problems.

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