Mortgage Scheme Welcomed As Budget Cuts Loom

While Stormont politicians fear millions of pounds could be cut from the national Government block grant as a result of today's Budget announcement, one Northern Ireland Minister has welcomed a separate, more positive move.

Margaret Ritchie, the Housing Minister, (pictured) said yesterday that the recent announcement by HM Treasury to introduce a UK-wide Homeowners Mortgage Support Scheme.

Lenders covering around 80% of the mortgage market will now be providing enhanced support to their customers who may be facing difficulties at this time.

The scheme is voluntary, subject to eligibility criteria and open for two years.

Ms Ritchie said: "The Homeowners Mortgage Support Scheme is a welcome boost for homeowners in this current economic climate.

"It will help a homeowner who experiences a temporary fall in income to rearrange their finances for an interim period to prevent them from losing their home."

The Minister urged homeowners in financial difficulty to seek independent advice as soon as possible.

However, as the Chancellor's Budget looms, the NI Executive has braced itself for an expected 'negative impact' if the PM, Gordon Brown goes back on his pledge to give NI a three-year financial settlement.

Some predict that between £140m and £600m could be taken from Stormont as a result.

(PR/BMcC)