Concern over help for homeowners
The Liberal Democrats have expressed concern that help offered by the government to homeowners may not be effective.
People who cannot pay their mortgage due to a redundancy and are facing repossession as a result are to be able to defer interest payments under the scheme.
But Liberal Democrat shadow chancellor Vince Cable noted that similar previous measures only helped ten per cent of families and called for clarification over who is eligible.
And he added that it could become even more difficult to obtain a mortgage in the future, as "the underwriting scheme will mean less money going to banks in the short-term".
With the Council of Mortgage Lenders predicting that there could be as many as 75,000 repossessions next year, those hoping to avoid these problems may prefer to rent a house or flat instead.
Recent Land Registry figures revealed that the average home in London now costs more than £320,000 - nearly double the value for England and Wales as a whole.
Published 4th December, 2008
© 2008 Estates IT Limited
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The Liberal Democrats have expressed concern that help offered by the government to homeowners may not be effective.