The Homeowner Mortgage Support Scheme will only apply to owner-occupiers and not to buy-to-let landlords, the Government confirmed as it revealed further details of the initiative.
The scheme - whereby borrowers can defer payments for up to two years should they lose their job as a result of the credit crunch - has the support of eight major lenders. In order to qualify, borrowers must have been in dialogue with their lender, including over the use of existing forbearance policies, and have taken out a mortgage no larger than £400,000. Borrowers also must have savings below £16,000 - which is the same as for the existing Support for Mortgage Interest Scheme (SMI) - and must have received financial advice from a party other than their lender to determine their elig...
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