Labour to reveal state-backed mortgages plan

A RADICAL plan for state-backed mortgages to help struggling borrowers buy their own home is expected to be revealed by the Labour Party in the coming weeks.

Mon, 27 Sep, 2010 - 01:00
Juno McEnroe

The scheme would include a robust assessment of home-buyers whose mortgage repayments to banks would be guaranteed by a new state agency if they ran into financial difficulties.

Banks and the Financial Regulator have already privately signalled support for the Labour plan.

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