2 Year Mortgage Repossession Cushion
Published / Last Updated on 02/12/2008
2 Year Mortgage Repossession Cushion
Plans unveiled today by Gordon Brown have offered a lifeline to those that get into mortgage arrears difficulty.
People hit by redundancy or a significant fall in income will be able to defer part or all of their mortgage interest payments for up to two years.
The scheme is designed to give breathing space when otherwise people would face repossession and will cover mortgages worth up to £400,000.
Apparently the scheme has come with the agreement of the top eight lenders in the UK - Abbey, Barclays, HBOS (Halifax Bank of Scotland), HSBC, Lloyds TSB, Northern Rock, Nationwide and RBS (Royal Bank of Scotland).
We suggest agreement may have been made with the ‘Sword of Damocles’ handing over certain lenders.
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