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Brown offers help to homeowners
Brown offers help to homeowners
Last Modified: 03 Dec 2008
By:
Faisal Islam
Gordon Brown outlines plans which will help homeowners facing repossession to keep their properties during the recession.
Homeowners will be able to defer interest payments for up to two years, with Britain's eight biggest lenders signed up to the scheme.
The prime minister said the help for homeowners would apply to people made redundant or experiencing a loss of income.
At the moment, 70 per cent of mortgages are covered.
Please note, the expected number of repossessions in 2009 is 75,000, not 750,000 as stated in our the film's graphic.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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