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Three-month respite before repo action

Mortgage lenders have been ordered to give borrowers in arrears three months before considering repossession.

The pre-Budget report outlined extended plans to help people facing repossession and applauded the big banks for taking on the Government’s demands and offering mortgage modifications in lieu of repossession.

Chancellor Alistair Darling pledged £15m to fund free debt advice.

He extended the income support for mortgage interest scheme to cover mortgages up to £200,000. Mortgage rates must be over 6 per cent to qualify for the scheme.

The mortgage rescue scheme, where the Government buys up part of a borrower’s home and then rents it back to them, has also been extended to cover people who have second mortgages.

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