25 February 09
On 20 February 2009, the Government published the final agreed design of the Homeowners Mortgage Support Scheme (the scheme).
The scheme aims to help homeowners remain in their homes for longer if they suffer a loss of income and temporarily cannot afford their mortgage repayments.
The establishment of the scheme was announced in December 2008. Since then, the Government has been working with lenders, trade associations and money advice agencies to finalise the scheme. The scheme design now sets out the key elements, including eligibility criteria, risk-sharing arrangements and duration.
The Government is now working with lenders to agree the final scheme documentation. It plans to make the scheme available to householders in April 2009, and will publish further details of the scheme when they are available.
If you would like help on any legal aspect of re-mortgaging or on buying or selling your home, please contact Paul Cowdery on Tel: 01256 320 555.
