Borrowers in negative equity to be shunned- papers 5 Sept

The Government's £200m mortgage rescue package will do nothing to ease the suffering of struggling homeowners in negative equity, as they will be barred from the scheme even if they desperately need to raise cash. Timesonline has learnt that homeowners struggling to pay their mortgage will be prevented from benefiting from the rescue package, announced on Monday, if their property is worth less than the value of their mortgage. That includes thousands of customers who took out a Together mortgage with Northern Rock, the nationalised bank, which offered cash-strapped first-time buyers ...