In the pre-budget report, it was announced that several changes will be made in an attempt to help homeowners who are struggling with mortgage payments due to a "significant loss of income", be it through redundancy, a loss of overtime or having been forced to take a lower paid job.

This help is intended to try to stave off repossessions at a time when the number of those in arrears with their mortgage is steadily growing and the economy is facing its most difficult time in decades.

The changes announced include a government guarantee that will allow those made redundant to defer mortgage interest payments for up to two years. All of the biggest lenders have agreed to take part in the scheme, however how much interest can be deferred is a figure that must be agreed between the lender and borrower.

This coincides with news that the those claiming Job Seekers Allowance or Income Support will no longer have to wait 39 weeks for Income Support for Mortgage Interest, this waiting period has been reduced to 13 weeks and the figure on which interest will be covered will go up from the first £100,000 to the first £200,000.

This should go some way to reducing the amount of repossessions which are of no help to the homeowner or lender. If repossessed, the homeowner loses their home and the lender is left with an asset that is extremely difficult to sell in the current climate and a loss of revenue from mortgage payments. So the new government plans are welcomed by many.

Anyone having trouble with their mortgage, don't bury your head in the sand, seek professional help either from the CAB or an independent mortgage broker.