Mortgages Uncovered

Yesterday the prime minster announced a new plan that gave some reprieve for the UK’s struggling homeowners.

Gordon Brown revealed that people with mortgages who are hit with unemployment will now be offered help in deferring part of their mortgage interest payment for up to 2 years.

The new scheme is designed to cover any mortgage up to £400K.

At the offset it will be the homeowner and the lender who would agree on the amount of payment that is to be deferred, although it can in some cases be up to 100%.

Eight of the UK’s major mortgage lenders have apparently already signed up to the plan which will be starting in early 2009.

Predictions on the number of repossessions next year are set to rise to 75,000.

Yesterday, Gordon Brown said:

“Hardworking households that experience a redundancy or significant loss of income as a result of the downturn will be able to defer a proportion of their interest payments for up to two years while they get their family finances back on track.”

Gordon Brown went onto announce that the government-owned financial establishments; Northern Rock & Bradford and Bingley were following RBS’s lead for further agreeing repossession proceedings would only begin in any cases when a household was more than 6 months behind on its’ mortgage payments.

As yet full details of this new scheme are still to fully emerge; however, it is currently the understanding that the government would underwrite the interest payments which would be repaid by the homeowner at a later date that has been agreed between them and their lender.

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