New package to aid mortgage customers

A new support package, announced by the government on Friday (May 9th), aims to improve conditions for struggling mortgage borrowers in the UK.

Amongst other measures included in the new £10 million package, homeowners will benefit from having greater access to financial advice and support, as well as legal representation in the event of repossession.

The package, unveiled by chancellor Alistair Darling and housing minister Caroline Flint, also aims to ensure that Citizen Advice Bureau staff and local authorities receive more specialist training, in order to better advise families on tackling debt.

Ms Flint commented: "We know that some borrowers are concerned about their mortgages in the current market conditions. Some lenders are now passing on interest rate cuts and we want to see the rest follow as soon as possible.

"But for the minority of owners who may need support and advice now, we want to ensure it is there for them in the right place and at the right time."

Mortgages News posted on 12/05/2008 10:46:08