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UK Banks ignore government's mortgage protection scheme

Despite being launched in a blaze of glory a few months ago, the UK government's mortgage protection scheme only came into operation yesterday after significant delays and infighting. It was also revealed that some of the largest banks in the UK, despite helping the government create the scheme, have now refused to offer the service to customers.

You may recall the scheme gives those who are struggling to pay their mortgage the opportunity to defer interest for up to 2 years without being cast onto the street. This had been floated as the flagship recovery scheme for the UK government and the UK property sector but so far only the likes of Northern Rock, Bradford & Bingley and Lloyds - all UK government bailouts -have signed up to the scheme. The likes of Barclays, HSBC, Nationwide and Santander (which incorporates Abbey and Alliance & Leicester) have opted out of the Homeowners Mortgage Support Scheme.

Despite being a severe blow to the UK government the authorities are set to announce a new deal on Wednesday which will see yet more funding put to one side to assist those struggling with their mortgage payments. It seems as if when one scheme does not work, the UK government is more than happy to ditch that and move onto the next one.

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