The housing minister has announced that the government grant for the Mortgage Rescue Scheme is to be reduced.
Under the scheme, Britons are able to sell their property to a local authority or housing association and remain in it as a tenant.
However, Grant Shapps said reducing the deficit to keep interest rates low was more effective.
He explained: "The most effective thing the government can do for homeowners is to tackle the record deficit and avoid the need for rapid increases in interest rates.
"But there must still be effective help on hand for those struggling to pay their mortgages ."
Meanwhile, research conducted by Yorkshire Building Society has found that the number of mortgage borrowers now on their respective lenders' Standard Variable Rates (SVRs) is over 2.3 million.
Indeed, the mortgage provider said that SVRs represent 28 per cent of the total UK mortgage market.
Mortgage rescue scheme to be reduced
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Mortgage rescue scheme to be reduced
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