16
Mar
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.
