Speaking at today’s Budget, Chancellor Alistar Darling revealed the Government will continue to maintain mortgage support for those who have experienced a loss of earnings for another 6 months.
The Chancellor says he will also be investing another £80m into the Government’s shared equity scheme
Darling also revealed the Government will introduce a scheme to guarantee mortgage securities in an attempt to liquidise the wholesale markets. Reports suggest this aid will total £50bn in guarantees.
Darling said: “The biggest fear for people who find themselves out of work is that they might lose their homes. I want us to do more to avoid repossessions.
“We have ensured that the banks will increase mortgage availability by £20bn this year.”