NI Housing Minister Margaret Ritchie has pledged to step-in and support those facing home repossession.

The Minister said a Northern Ireland scheme would go further than those used to rescue struggling homeowners in the Republic and the rest of the UK.

Despite this, the government will not help out investors or those with a means to gain other assistance.

Commentators have suggested repossessions in Northern Ireland are set to skyrocket, as banks become more anxious to recoup investments, following the global economic squeeze.

Ms Ritchie has not indicated how much a 'bail-out' scheme will cost taxpayers, but stressed the importance of the government standing over those who it had encouraged to get on the 'property ladder'.

The Minister told the Belfast Newsletter: "If we are to encourage people onto the housing ladder, we need to support them when there is a danger of them falling off it through no fault of their own.

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"I will shortly be launching a consultation document on the proposed mortgage rescue scheme."

Ms Ritchie said the rescue package would be aimed at householders who are unable to keep up with mortgage repayments.

"We will be doing that through both preventative action and direct intervention."

Funding for the scheme will also go towards providing housing advice, although it is expected the bulk of the public money will be used to pay off mortgages.

"The central point of the measure would allow DSD, through the Housing Rights Association, to support people who cannot find enough money each month to pay their mortgage and are at risk of becoming homeless as a result," said Minister Ritchie.

"There will be two options - flexible tenure and mortgage-to-rent. Under flexible tenure, the applicant will be offered an equity sharing option based on the amount that they can afford to retain.

"Mortgage-to-rent will be available to people who have no equity and cannot afford a mortgage payment."

Ms Ritchie illustrated how the scheme could work.

An individual with a house worth £160,000 cannot afford to pay the remaining £15,000 on their mortgage. They are threatened with repossession.

The Minister said her department would step in and pay the £15,000 in return for a 10% stake in the home. The DSD would then charge a small rent to cover the amount owned and receive 10% when the property was sold.

Ms Ritchie said such a scheme would not be designed to encourage irresponsible buying.

"I wouldn't like to think that I was encouraging people to be irresponsible - I'm here to help," added the Minister.

(PR/JM)