Scottish government to help troubled borrowers

As you know if you want to borrow money from a mortgage lender, things are a lot tougher than they have been for years, but the Scottish government wants to help. The Scottish government has unveiled a new set of measures, which are all designed to help troubled borrowers, as well as improve property ladder accessibility for first-time buyers.

Nicola Sturgeon, the Health secretary, has told the Scottish Parliament that £25 million has been set aside and will be used to help homeowners who are at risk of having their homes repossessed, Sturgeon has said that the impact of the credit could not be ignored. Sturgeon, also said that another £250 will be invested in share equity schemes, a new target has been set for 35,000 new homes to be built every year until the middle of the next decade, this action will be a huge help for FTB.

The Council of Mortgage Lenders has welcomed the creation of this kind of support fund which has been put in place for homeowners facing repossession, they have now urged the UK government to follow suit and to improve the safety net for borrowers who are now being hit drastic changes in their financial situation.

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