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Help provided for secured loans holders

Help provided for secured loans holders

Category: Loans

Updated: 04/12/2008
First Published: 04/12/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers with secured loans are to be given help in ensuring they keep their homes.

The government has announced a scheme that will see homeowners that suffer a loss of income given the chance to defer interest payments on their loans.

So far the UK's eight largest lenders have all agreed to the plan, which is designed to help those who lose their job due to the economic downturn.

"We are determined to do everything possible to ensure that hard working households have the option to stay in their homes if they suffer a loss of income during the downturn," said housing minister Margaret Beckett.

But Vince Cable, shadow chancellor for the Liberal Democrats, stated that secured and unsecured loans may become more difficult to obtain in the future.

He explained that the short-term effect of a reduction in money going to banks could further reduce liquidity in the market.

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