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09/01/2009
Government mortgage schemes will "gradually" take effect |
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New measures introduced by the government to help homeowners struggling with repayments will slowly take effect in 2009, it has been claimed.
Chris Jenkins, co-owner of the Homeowners Advice Centre, says the Homeowner Mortgage Support Scheme will "gradually begin to take effect for the worst affected homeowners".
Alistair Darling announced the plan in the pre-Budget report.
Mr Jenkins believes that 2008 "shocked" many homeowners because of the very sudden nature of the downturn and he expects the number of the number of repossessions to rise this year as many homeowners who have been given a stay of execution from repossession could still default.
Meanwhile, the government has also launched HomeBuy Direct, a new shared equity scheme that aims to help first-time buyers purchase affordable homes.
Helen Adams, managing director of FirstRungNow.com has applauded the scheme as it reduces the risks to buyers as well as lenders.
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