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Has the new mortgage safety net got too many holes?

Gordon Brown this week announced his groundbreaking mortgage safety net scheme which was greeted with joy and relief by many around the UK. The opportunity to take a two-year mortgage interest holiday has given many people hope and injected some confidence into the UK economy. But will this safety net actually work?

The doubts about the mortgage safety net started to creep in as soon as Gordon Brown had sat down after giving his speech and they continue to this day. Despite assurances that 8 out of the top 12 UK banks had already signed up, it appears that this is not the case with UK banks waiting to see the small print. It looks as though Gordon Brown has jumped the gun somewhat and placed himself in a very difficult situation which will need careful management.

The idea itself is very interesting and potentially life-saving for many in the UK as the chance to defer two years of mortgage interest payments will reduce the pressure many people are under. The effect on the housing market is a little more uncertain as some financial experts suggest it is only delaying the inevitable increase in repossessions in the UK.

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