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| Version 2 | Version 3 |
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| Cameron urges more mortgage help | Cameron urges more mortgage help |
| (about 20 hours later) | |
| David Cameron is asking banks and building societies to do more to help householders who are facing sharp increases in their mortgage payments. | David Cameron is asking banks and building societies to do more to help householders who are facing sharp increases in their mortgage payments. |
| There are fears of a surge in home repossessions next year, with 1.4 million cheaper fixed-rate deals expected to come to an end. | There are fears of a surge in home repossessions next year, with 1.4 million cheaper fixed-rate deals expected to come to an end. |
| The Tory leader urged the Council of Mortgage Lenders to bring in a gradual, tapered increase in repayments instead. | The Tory leader urged the Council of Mortgage Lenders to bring in a gradual, tapered increase in repayments instead. |
| He said rises of £200 a month could be the "final straw" for homeowners. | He said rises of £200 a month could be the "final straw" for homeowners. |
| Mr Cameron called on lenders to offer financial advice to customers whose cheap fixed-rate deals are reverting to more expensive variable-rate arrangements. | Mr Cameron called on lenders to offer financial advice to customers whose cheap fixed-rate deals are reverting to more expensive variable-rate arrangements. |
| 'Safety net needed' | 'Safety net needed' |
| He recommended providing a tapered transition to the new interest rate, or even allowing a switch to an interest-only mortgage for a short period. | He recommended providing a tapered transition to the new interest rate, or even allowing a switch to an interest-only mortgage for a short period. |
| He said the problems with the US market, where the rate of home repossessions has risen sharply, were the "last thing" anyone wanted to see in the UK. | He said the problems with the US market, where the rate of home repossessions has risen sharply, were the "last thing" anyone wanted to see in the UK. |
| It's in no-one's interests if homeowners can't keep up with their repayments, because let's not forget, banks lose out too if mortgages are not repaid David CameronConservative leader | It's in no-one's interests if homeowners can't keep up with their repayments, because let's not forget, banks lose out too if mortgages are not repaid David CameronConservative leader |
| Lib Dem acting leader Vincent Cable told BBC's Sunday AM programme: "The government should be getting the banks together and preparing some kind of safety net arrangement so that people are not repossessed, they stay in their home, they share their equity with the bank." | Lib Dem acting leader Vincent Cable told BBC's Sunday AM programme: "The government should be getting the banks together and preparing some kind of safety net arrangement so that people are not repossessed, they stay in their home, they share their equity with the bank." |
| Mr Cameron told mortgage lenders: "I believe we urgently need to take stock of this situation, and together take steps to minimise the impact these higher mortgage bills might have. | |
| "After all, it's in no-one's interests if homeowners can't keep up with their repayments. Because, let's not forget, banks lose out too if mortgages are not repaid." | "After all, it's in no-one's interests if homeowners can't keep up with their repayments. Because, let's not forget, banks lose out too if mortgages are not repaid." |
| Mr Cameron added: "After 10 years of Gordon Brown, the tax burden is now at the highest level in British history. | Mr Cameron added: "After 10 years of Gordon Brown, the tax burden is now at the highest level in British history. |
| "Council tax bills have more than doubled, and are now set to rise still further. | "Council tax bills have more than doubled, and are now set to rise still further. |
| "Food and petrol bills are rising rapidly too, while take-home pay is falling across the country. But over the next 12 months, another weight will be added to the shoulders of Britain's homeowners." | "Food and petrol bills are rising rapidly too, while take-home pay is falling across the country. But over the next 12 months, another weight will be added to the shoulders of Britain's homeowners." |
| 'Step up to the plate' | 'Step up to the plate' |
| Mr Cameron praised lenders who had already tried to ease the burden on customers moving off fixed-rate deals. | Mr Cameron praised lenders who had already tried to ease the burden on customers moving off fixed-rate deals. |
| And he added: "I am today calling on every lender to do everything they can to help reduce the risk of financial distress in the coming months. | And he added: "I am today calling on every lender to do everything they can to help reduce the risk of financial distress in the coming months. |
| "I want to see the banking industry step up to the plate, and help ease the burden on hard-pressed homeowners." | "I want to see the banking industry step up to the plate, and help ease the burden on hard-pressed homeowners." |
| But Chief Secretary to the Treasury Andy Burnham said: "David Cameron's warm words about social responsibility don't add up to anything." | But Chief Secretary to the Treasury Andy Burnham said: "David Cameron's warm words about social responsibility don't add up to anything." |
| He said the Tory leader could not "hide the fact that as recently as this summer he was heaping praise on the report by his Economic Policy Commission that recommended scrapping every regulation protecting people taking out mortgages". | He said the Tory leader could not "hide the fact that as recently as this summer he was heaping praise on the report by his Economic Policy Commission that recommended scrapping every regulation protecting people taking out mortgages". |
| In the US, some one million homeowners are thought to be in the process of having their homes repossessed. | In the US, some one million homeowners are thought to be in the process of having their homes repossessed. |