New mortgages scheme agreed to reduce repossessions
A new mortgage support scheme has been agreed by the European Commission to help reduce house repossessions in the UK.
The new support scheme will help people who cannot afford to pay their monthly mortgage repayments to postpone up to 70 per cent of interest repayments for duration of up to 2 years.
Competition Commissioner Neelie Kroes commented: "It is appropriate that, in the midst of the current financial crisis, help is given not just to banks but also directly to individuals that are in difficulty as a result of the downturn."
According to EU regulations, the European Commission has to endorse state aid to determine whether it alters single market regulations and competition in the 27 nations.
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