Government announces new mortgage support scheme

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Government announces new mortgage support scheme

Government officials have announced some of the details of the new mortgage support scheme outlined by Gordon Brown yesterday.

The Homeowner Mortgage Support Scheme will enable people who suffer from a temporary lack of income during the downturn - if they lose their job for example - to defer the interest payments on their mortgage for up to two years.

According to the government, this will help prevent house repossessions.

Gordon Brown's scheme has the support of most of the major mortgage lenders, including HBOS, Nationwide, Abbey, Lloyds TSB, Northern Rock, Barclays, RBS and HSBC, who between them account for around 70 per cent of the UK's mortgage market.

Chancellor Alistair Darling said: "This is real help for homeowners at risk of repossession through no fault of their own."

He added that the scheme would help people "rearrange their finances so they can come through a difficult period without losing their home".

Estate agents bodies praised the scheme and Darling's parliamentary rival, the Lib Dem's treasury spokesman Vince Cable, said his party also welcomed the move.
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