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BUDGET 2009 NEWS: Darling to to aid mortgage market with £50bn bond guarantee

The Government will continue to aid the mortgage market with extra investments in both homeowner support and £50bn of guarantees on mortgage securities.

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.”

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