Homeowners have been promised a cut in interest rates when the inter-bank lending rate goes down after a Downing Street summit over the credit squeeze between the Chancellor and mortgage lenders.

The pledge will come as a welcome piece of news to more than 1.4 million mortgage holders who are facing a "payment shock" with a steep rise in their monthly repayments when their low, fixed-rate mortgage deals come to an end this year.

Building societies and banks are looking at ways of giving more help to mortgage payers in trouble to avoid a sharp rise in the number of repossessions. They urged mortgage holders who fear they are getting into difficulty to alert their lenders as soon as possible.

Schemes to reduce the repayments burden include offering a mortgage holiday in which those in trouble can avoid payments for a short time, or spreading the mortgage over a longer period to reduce the monthly amounts due.

SafeTrade, Local Registered, Approved and Recommended Builders, Plumbers, Electricians, Plasterers, Joiners, Decorators, Roofers and Glaziers etc. Middlesbrough website launch www.safetrade.org.uk/middlesbrough