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As part of a wider package of real help for homeowners, the Homeowner Mortgage Support Scheme, will enable ordinary hard-working households that experience a redundancy or significant loss of income to reduce their monthly payments to a more manageable level, by deferring a proportion of the interest payments on their mortgage for up to two years. The Government will guarantee to lenders they will get the payments back in return for them participating in the scheme.
Homeowners remain responsible for repaying the mortgage in the long term but the scheme will result in more affordable monthly payments. This will give them the breathing space they need to get their finances back on track, and help ensure they can stay in their homes.
This is a consumer and lender-led scheme, supported by a Government guarantee. The Government want to see this scheme help as many struggling homeowners as possible. We will publish a full impact assessment when the scheme description has been finalised.