Qualified advisers answering your
Financial Questions
call 0800 092 1245

UK government mortgage support scheme under threat

This week saw a vital deadline pass in relation to the UK government's Homeowner Mortgage Support Scheme. This was a scheme which was supposed to bail out those having trouble paying their mortgage and was released in a blaze of glory by the UK government. While it has been suggested that the eight largest lenders in the UK, HBOS, Nationwide, Abbey, Lloyds Bank, Northern Rock, Barclays, Royal Bank of Scotland and HBOS have signed up to the scheme, this has yet to be officially confirmed.

However, it is now being suggested that some 50% of UK building societies will not be signing up to the agreement and the scheme because they have serious concerns about the funding and administration being put in place. The scheme effectively allows those who are struggling because of reduced income to defer payments for up to two years. It was widely seen as a potential lifesaver for many in the UK but there seems to be some confusion as to exactly what UK lenders would be signing up for and the way in which it would be administrated.

While the scheme should get off the ground in due course, it has already been delayed and there is some concern about who exactly has signed up and will sign up to the arrangement.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details