There have been a number of recent announcements with the aim of helping homeowners who are at risk of being evicted because of mortgage arrears. This is called repossession.
In the pre-budget report, it was confirmed that some mortgage lenders will not start court action to repossess homeowners for at least three months. This is so that borrowers and lenders can have time to explore other alternatives.
The government has also announced a new Homeowner Mortgage Support Scheme. It will allow borrowers who experience a significant and temporary loss of income as a result of the current economic climate to delay paying a proportion of the interest payments on their mortgage for up to two years. This could cover you if, for example, you’ve lost your job.
Eight major lenders have agreed to support this new scheme. Full details of the scheme have yet to be published. It is anticipated that it will be available to borrowers in the spring of 2009.
We will bring you more details of the new scheme, once they are known.
For more information about the new Homeowner Mortgage Support Scheme, go to the Directgov website at: 
www.direct.gov.uk.
There is also a new mortgage rescue scheme to help vulnerable homeowners to stay in their home. The scheme will not help you if are in negative equity and there are other eligibility conditions too.
You can get more information from the Department for Communities and Local Government website at: www.communities.org.uk. If you are interested in the scheme, contact your local Citizens Advice Bureau for more information about whether you qualify.
In the meantime, a new leaflet has been published about mortgage arrears. It's called 'Are you worried about your mortgage?' To see a copy, go to: www.nhas.org.uk.
For more information about mortgage arrears, see also Mortgage arrears.
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