Homeowner Mortgage Support Scheme

The Government has announced further details of the Homeowner Mortgage Support Scheme, intended to provide greater assurance to homeowners that they will be able to remain in their homes if they suffer a temporary fall in income, but are expected to recover at a later date.

The new scheme will provide a bridge, giving homeowners who are experiencing financial problems sufficient time to find new employment or recover income, without the added concern and stress of potentially losing their home in the interim.

The scheme will allow lenders to reduce a borrower's current monthly mortgage payments, with the deferred payments rolled up, added to the principle, and paid at a later date when the borrower's financial circumstances have improved. The Government will guarantee the lender against a proportion of any loss incurred on the deferred interest payments in case the borrower defaults.

The scheme will be voluntary and subject to eligibility criteria to ensure that there is proper risk sharing between Government, lenders and borrowers and the scheme is sustainable for those that participate. 
 
Find out more about out who qualifies.