Government Backed Mortgage Rescue Scheme
Under the scheme, vulnerable families who are no longer able to keep up with their mortgage repayments will be offered the chance to sell their home and rent it back, or to enter into a shared equity or shared ownership scheme on the property.
The move is one of a series of measures being announced to help hard-pressed homeowners and those struggling to get on to the property ladder in the current economic climate.
The Government is also introducing a shared equity scheme for first-time buyers and it is boosting the money available for affordable housing schemes. First-time buyers whose household income is less than £60,000 will be able to buy newly built properties with an equity loan of up to 30% of the property's value.