In a bid to rescue the struggling home owner Gordon Brown will be implementing a two year breathing gap for those holding on to a home loan. Those that have been hard hit by the credit crisis’ pinch will be able to enjoy deferring their mortgage’s interest payments with the hope of alleviating the affect the global crisis has had on the average worker.

News that banks have been trying to offer more loans to small businesses and home owners has been spreading but the rate is relatively low in comparison to those able to access the credit which would contribute heavily to making their financial state a more relaxed one.

Gordon Brown commented that the government “will make this possible by guaranteeing lenders against risk of loss from those deferred interest payments”. In addition Brown is looking to put in place a code of practise that will see lending institutions fined for holding back loans and not treating customers fairly.