NAEA: Government is helping homeowners
www.moneynews.co.uk > Mortgages > NAEA: Government is helping homeowners
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NAEA: Government is helping homeowners
Thu 4th Dec 2008
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According to the National Association of Estate Agents (NAEA), "the prime minister's decision to underwrite mortgage repayments for the thousands of homeowners currently facing repossession is extremely welcome at what is a difficult time for many".
Several major mortgage lenders, including HBOS, Abbey and Nationwide have been brought on board by the government, a fact that the NAEA claims makes the plan even more effective.
Gordon Brown's plan makes it more difficult for lenders to repossess houses if people fall behind on their mortgage payments.
It enables homeowners to defer on paying the interest on the payments for up to two years, aiming to give them the financial breathing space needed to get through the credit crunch without having their house repossessed.
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Related News : Housing market |
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