Homeowner Mortgage Support Scheme: the criteria
The Homeowner Mortgage Support Scheme, which could let households defer some of the interest payments on their mortgage by up to two years, will not help everyone having problems paying their mortgage.
The Scheme could help households with a mortgage of under £400,000 – if they have no more than £16,000 in savings, are already in arrears on their monthly mortgage payments and are seeking debt advice.
The final decision will rest with the mortgage provider. So far, the eight biggest mortgage lenders have agreed to the Scheme ‘in principle’, and will be meeting with ministers today.
However, as The Times reminds readers: ‘overstretched borrowers with mortgages below £200,000 have their interest payments covered for two years if they are on benefits under the Income Support for Mortgage Interest scheme’.
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