Pre-budget report includes support for home-owners in financial difficulty

In yesterday’s pre-budget report, the government announced the provision of additional support to help people and households in financial difficulty through:

a commitment for the coming year by the major mortgage lenders, not to repossess homes within three months of the owner occupier going into arrears

protecting more vulnerable homeowners in financial difficulty by extending the Mortgage Rescue scheme to cover second charge lending

increasing the generosity of the Support for Mortgage Interest scheme for homeowners who lose their jobs

establishing a Lending Panel to monitor lending to households and businesses - the Panel will bring together lenders, trade bodies, consumer groups, and the government, regulators and the Bank of England