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The Budget has offered those facing mortgage difficulties a helping hand through 2009 – and it couldn't have come sooner.

The Chancellor Alistair Darling revealed the Government would be extending the Stamp Duty holiday on properties under £175,000 until the end of the year. Surveyor eSurv says that means circa 55 per cent of residential property will be exempt from the tax.

There is also a further six-month extension of the Mortgage Interest Scheme, which covers mortgage interest payments for people who have lost their jobs, will assist in limiting the number of homes that go to repossession. The Government has also rolled out its Homeowner Mortgage Support Scheme, which allows many borrowers the chance to defer 70% of their mortgage repayments for two years.

The Budget also revealed the Government would be spending an extra £80m on the HomeBuy Direct scheme, which allows first-time buyers the chance to own a percentage of a new-build property, helping them onto the housing ladder.

So what does this mean for you?

Well, if you are facing difficulty paying your mortgage, you have options. Lenders up and down the country have pledged to offer people even more support in managing their mortgages. They will look at reducing rates, offering interest-only deals or even deferring your mortgage for up to two years.

There are also options for those in severe difficulties in the form of the Income Support for Mortgage Interest scheme and the Mortgage Rescue Scheme. All of these are designed to make sure that repossessions are as rare as possible and people are allowed time to get back on their feet and sort out their finances.

And, if you want to get onto the housing ladder, the Government will offer subsidies to help you own a home. But for all these measures, you need to get some professional advice – otherwise you will not be able to access the help. So talk to a mortgage professional about what the Budget will mean to you if you are trying to get onto the housing ladder or you are trying to stay on the ladder.

SOURCE: eSurv, 22/04/09

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