It seems help is on the way for those seeking a mortgage deal and those stuck with a bad deal. In the draft Queen’s speech today Gordon Brown revelled he wants to help homeowners and first time buyers. 

Gordon Brown said "We will take every action necessary to help homeowners and those affected by the world economic downturn."

He proposed a fund of £200 million to buy social housing and 100 million to go towards equity schemes. He hopes this will help buyers to purchase on the open market.

There is more good news for first time buyers with a collective household income up to £60,000, they will have the opportunity to apply to buy a share in a property under a new huge expansion of the Government’s Homebuy scheme. This was previously only available for key workers such as nurses and social workers.

Also to come for those on lower incomes is a new saving bill Mr Brown said “"The Queen's Speech will also introduce a savings bill to help homeownership and wealth ownership generally - giving eight million people on low incomes access to a national savings scheme, with each pound saved matched by a contribution from the government."

Experts have commented that this is indeed a step in the right direction, hopefully helping the credit crunch situation in the UK.