The scheme will also expand access for legal representation at courts for housesholds at risk of repossession and will lead to the creation of a new debt advice facility through the National Housing Advice Service.
Chancellor of the exchequer Alistair Darling said: "It is clear from speaking to consumer groups and the mortgage industry that borrowers may be concerned about the impact of the current market conditions on their mortgages.
"That is why it is vital that the government, working with industry, offers as much support as possible both directly to those people and to the consumer advice groups who can help them in their day-to-day lives."
Chris Cummings, the director general of the Association of Independent Financial Advisers, said that the announcement was "good news" for homeowners.
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