Labour yesterday welcomed a rescue package to help homeowners in Scotland facing repossessions, but urged the government to act more quickly.

Labour's Cathy Jamieson said: "Action on pre-court protocols is needed urgently to ensure that homeowners in Scotland have the same protection as homeowners in England and Wales.

"Also, I'd like to see a proper licensing scheme for those involved in sale-and-rent-back deals.

"I hope that the Scottish Government gets this scheme up and running as soon as possible and then acts to implement the rest of the plans that Labour, the LibDems, the Greens and Margo MacDonald highlighted last week."

Under the rescue plan, the government would take a stake in the property from between 25-75%, footing the mortgage bill for that share.

The homeowners would buy back that share at the market rate when they were back on their feet financially.

The plan was confirmed by a government spokeswoman who said the "mortgage to shared equity" scheme would be brought in early next year.

She also cited a mortgage-to-rent scheme, and said: "These measures will provide direct support to homeowners facing difficulties and will help them to stay in the family home.

"The regulation of sale-and-rent-back schemes is a reserved issue. However, we have already urged the UK Government to legislate to protect Scottish homeowners from the risks of sale-and-rent-back' schemes operated by unscrupulous landlords."