With the current recession hitting many homeowners extremely hard, the banking giant Lloyds TSB has offered those made redundant a ray of hope. The bank said that it would waive its home insurance charges for six months for new customers who had been made redundant in the credit crunch.

The offer is open for two months, beginning on April 6th and is one outcome of a recent meeting between insurers and the government, who requested that those facing financial worries be given help to get back on their feet.

"Our pledge offers extra breathing space to British homeowners who increasingly find themselves in a 'Catch-22' situation. Despite feeling more concerned about the security of their homes, many are having to seriously consider cutting back on household essentials, such as insurance, just to make ends meet," said Mike Canniffe from Lloyds TSB.