A plan to enable those facing repossession to stay in their homes is to be announced by the government, it has been reported.
Under the scheme, a limited number of low-income families will be allowed to sell their homes and then rent it back or alternatively will be able to enter a shared equity or shared ownership scheme .
It is to be made available to those who have borrowed carefully but now face problems making repayments because of the financial pressures caused by the credit crunch .
A new shared equity programme for first-time buyers earning a total of less than £60,000 is also on the cards, the Department for Communities and Local Government revealed.
Buyers will be offered a loan of up to 30 per cent of the value of a new-build property - interest free for five years - which will be co-funded by the government and the housing developer.
It is believed the new schemes will cost a total of around 300 million pounds.
Figures have shown that the number of homes being repossessed by lenders has risen to its highest level in 12 years during the first half of the year, with 18,900 being taken - 48 per cent more than the same period of 2007.
Government to reveal mortgage rescue plan
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Government to reveal mortgage rescue plan
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