The Prime Minister has announced that the Government will take action to allow people facing repossession of their homes to defer interest payments on their mortgages for up to two years.
Speaking in a Parliamentary debate on the content of this year’s Queen’s Speech, the PM said that “wanted to go further” than measures included in the list of Bills and bring in a new Homeowners Mortgage Support Scheme so that nobody who showed willingness to meet repayments should lose their home.
The PM 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.”
The terms of the assistance will allow homeowners suffering a loss of income to defer interest payments for a period of up to two years with any one of the country’s eight biggest lenders.
Outlining a range of other proposals within this year’s legislative programme, Mr Brown emphasised the importance of working towards financial stability and helping businesses and families deal with the econoic downturn.
Legislation will be presented aimed at eradicating child poverty, giving more young people access to appenticeships and reforming public services, he said.
The Prime Minister commended to the House measures to help both those in work and those seeking work, including more funding for training in the workplace, immediate practical support for those made redundant and a new Bill to enhance the rights of those looking to enter the job market.
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