Mortgages Uncovered

The scheme was unveiled by Gordon Brown in December 2008 which was put into place to help homeowners struggling with repayments is remaining uncertain due to the deadline for the lenders showing their support has passed.

There will be 50% of building societies not taking part in the new Homeowner Mortgage Support Scheme says the head of one building society.

The government is releasing a list of participating lenders soon.

The scheme, which starts in April, will defer payments for those people suffering temporary loss of income.

According to Gordon Brown when he announced the scheme it was to provide a person temporarily out of work who has suffered a “significant loss of income” and meant that a proportion of interest could be deferred on payments for up to 2 years.

This was for:

“Struggling homeowners with a “temporary” loss of income
Their mortgage must be for less than £400,000
The household savings must be less than £16,000
Monthly repayments can only be cut to 30% of the original
The rest of the payment can be deferred for up to two years”

Initially we were told that all key building societies and banks would be part of the scheme but at this stage it appears this may not be the case.

More mortgage information:
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