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Treasury moves to ease mortgage woes
09 May 2008
The Treasury has committed £10 million to helping stretched borrowers overcome their mortgage repayment difficulties, it has been announced.Chancellor Alistair Darling and housing minister Caroline Flint unveiled the new funding, which pays for additional debt support and financial advice.
An additional £9 million has also been provided to the Citizens Advice Bureau to help provide extra face-to-face consultations for borrowers with affordability concerns.
The announcement coincides with new data from the Ministry of Justice showing that the number of home repossession orders rose by 17 per cent in the first quarter of 2008.
In the first three months of 2007, 24,438 orders were submitted to courts in England and Wales, whereas 27,530 were lodged in the corresponding period this year.
Launching the new mortgage advice initiative, housing minister Caroline Flint said: "We know that some borrowers are concerned about their mortgages.
"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."
With household costs on the up, interest rate reductions will come as a relief to many mortgage borrowers. Those with delicate budgets are urged to spend wisely.
Investing in green technology to help reduce fuel wastage and cut down on energy bills is one such way of minimising expenditure in the long run.
Home improvements such as double glazing help improve home energy efficiency, reducing your carbon footprint and helping to save on fuel costs, while also reducing the impact of noise pollution.
