Monday 21st April 2008
Relief could be on the way for beleaguered homeowners in the form of new government proposals intended to alleviate the strain of meeting repayments.
Under the proposals, lenders would enable homeowners to take a mortgage holiday, during which time they would not be obliged to make repayments for a limited time.
It has also been proposed that mortgage providers begin a scheme whereby they buy back the property from homeowners, while allowing the occupier to remain in the home and pay rent.
Chancellor Alistair Darling is expected to lobby for lenders to introduce the measures when he meets heads of the banks at a summit next week.
An unnamed source told the Telegraph: "It's about saying firstly that they have got to be in a position to pass on the rate cuts, plus having a discussion about what to do about people who are in danger of defaulting on their mortgage payments.
"For example, putting people on flexible mortgages, so that they aren't being put into a position where they get into bad debt because they can't make their payments."
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Property
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