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British Government Providing New Help to Homeowners

British Government Providing New Help to Homeowners
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During the year 2009 the unemployment rate was observed around ten percent or 3.1 million people which was also predicted earlier by the British Chamber of Commerce. The personal debit of British government is noticed almost 1.5 pounds which was analyzed by the Credit Action in November and soon after that, the amount crossed the country’s gross domestic product (GDP). It was also forecasted by the Council of Mortgage that if something was not done by the help of government the debit amount could repossess the homes till the end of 2009.

Keeping this thing in mind it was decided to ask for the help of the government to solve this problem immediately. It was the starting of last year’s September when Alistair Darling announced that the government is now considering helping homeowners with a package so that they can easily pay their mortgage if unemployed or struggling hard to pay. He also confirmed that the government is always determined to provide enough support to the people who failed to pay their mortgage because of some financial problems.

The package became effective from 5th January 2009 and it was considered as the extension to the support mortgage interest. It was also decided to shorten the SMI (Support Management Interest) from 39 weeks to 13 weeks and growing the capital limit to 200,000 pounds. This new rule will also be going to be applied on those who are still waiting. The secretary of work and pensions Mr. James Purnell also said that he doesn’t want any unemployed person to worry about paying the loans of his mortgages.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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