Government to help mortgage holders

12-May-2008

The government has announced it intends to inject £10 million into the area of debt help and advice in an attempt to reduce property repossession figures.

Data released last week by the Ministry of Justice revealed that repossessions were up 17 per cent last quarter compared to a year ago.

The government has responded rapidly with the announcement of the package designed to support home owners who are struggling to keep up with their mortgage repayments, which could be welcome news for first-time buyers.

Chancellor of the exchequer, Alistair Darling, said it was clear that many borrowers were concerned about the current market conditions on their mortgage.

"That is why it is vital that the government, working with the industry, offers as much support as possible both directly to those people and to the consumer advice groups who can help them in their day-to-day lives," he said.

The government will also put an extra £9 million into face-to-face debt advice provided by third sector partners, including the Citizens Advice Bureau.

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