A Government scheme allowing households at risk of repossession to defer interest on their mortgage payments has today gone live, though some major lenders have opted to offer their own alternative.
The Homeowner Mortgage Support Scheme enables buyers to defer up to 70% of the interest on their repayments for up to two years. It was given the green light by Brussels under EU state aid rules on Monday and is open to those borrowers who bought their home before 1 December last year, those who are owner-occupiers, and those who have an outstanding mortgage of less than £400,000 and savings of less than £16,000. Lenders offering the scheme will have the security of a Government guarantee if the borrower defaults. From today, the following major high street lenders will offer their cust...
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