Dec 04 2008
Two Year Break for Homeowners
Homeowners in the UK have been suffering for more than a year now with the subprime mortgage crash that started in the United States. Today Gordon Brown announced there would be a break for the struggling homeowners. Those who can’t continue to make their monthly repayments may be able to take advantage of the two year interest repayment break being proposed.
The proposal will be instituted in 2009. It could save hundreds to thousands of homeowners from falling into more debt. The rising unemployment and recession has been part of the cause towards the decision by parliament. Gordon Brown believes there will be further decline in income, which warrants the two year holiday.
