Government Help with Mortgage Arrears
There is going to be additional Government help with mortgage arrears, as plans for Government help with mortgage arrears are announced. The Government hope that their new plans will help families who are struggling to meet their mortgage commitments, are falling into mortgage arrears and could potentially face losing their home to repossession.
So far eight of the major High Street mortgage lenders have signed up to the £1 billion government scheme, which allows struggling homeowners who are sufferig from a temporarily lose ofincome to defer mortgage interest payments for up to two years.
The Government help with mortgage arrears will be available from early next year, and this move is mainly targeted at middle earners and will be available on mortgages worth up to about £400,000.