16 Mar

Scottish government in new mortgage protection plan

Scottish government in new mortgage protection plan

Two new measures to help those struggling with mortgages in Scotland have been unveiled today.

The Scottish government has revealed details of the two programmes, the first being a mortgage to shared equity scheme in which the administration will take stakes in the homes of those in danger of repossession.

Alternatively, householders can stay in their houses through a mortgage to rent scheme that will see them becoming social tenants.

A budget of £35 million has been set aside for the two initiatives.

Housing minister Alex Neil commented: "As part of the Scottish government's economic recovery plan, we have acted decisively to help homeowners deal with the impact of the economic recession."

The news may help boost the housing sector in Scotland, as there could be fewer distressed sales of properties.

Last week those seeking to buy in Scotland received what may be good news, as the Royal Bank of Scotland pledged to offer an extra £1.7 billion worth of mortgages over the course of 2009 and 2010.
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