2 Sep

Government 'planning mortgage boosting policies'

Government 'planning mortgage boosting policies'

The government is reportedly about to announce two new policies which it believes will help the UK mortgage market.

A deal is said to have been negotiated with the Council of Mortgage Lenders to ensure repossessions are only used as a last resort, something that may raise confidence in homebuying by making those getting onto the ladder or moving up it feel more secure.

In addition to this, an extension of the Homebuy scheme is expected, offering more first-time buyers the chance to buy into a home on a shared equity basis.

An announcement is believed to be set to take place this week, made jointly by prime minister Gordon Brown, chancellor Alistair Darling and communities secretary Hazel Blears.

Mr Darling roused controversy at the weekend by suggesting in an interview with the Guardian that the economy could be facing its biggest challenge in 60 years.

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