Submitted on Wednesday 22nd April 2009
Home Owners Mortgage Support Scheme
Margaret Beckett announced yesterday the commencement of the Homeowners Mortgage Support Scheme. This obviously coincides with the forthcoming budget.
The scheme has the following characteristics.
Available to those who bought prior to Dec 1 2008
Mortgage of less than £400k
Savings less than £16k
Regular income and able to make a minimum contribution of 30% of payments
Interest deferred for two years
Participating lenders include the government supported groups
RBS
Lloyds
Bradford and Bingley
Northern Rock
and
Clydesdale and Yorkshire Bank
Other lenders are consideringing similar schemes outside of government guarantees and include
Santander (Abbey)
Nationwide
Barclays
As with many things the devil is in the detail as to who qualifies
