Mortgage aid offered by Healey

30 September 2009

Written by Steve Olejnik

Housing minister John Healey has set up a new scheme that is aimed to help mortgage holders who are struggling to meet their payments.

Although he does not specify that the initiative applies to buy to let mortgage holders, those with this type of finance should be able to use the new system.

The politician indicated that the government was "tightening the rules" on lenders with regard to the repossession process.

His comments came at the Labour Party conference in Brighton, as he addressed fellow party members.

"From this week, lenders will have to tell local councils, as they file for repossession action in the courts," he explained. "Councils can then offer advice, or help with our special rescue schemes."

Mr Healey, who took on the role as housing minister in June this year following a Cabinet reshuffle, said that the Conservatives would not offer similar mortgage help if they were in power and suggested the recession would be deeper if the Tories ran the country.

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