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Mortgage Support

We have listed schemes below that can help with your situation.

The Homeowner Mortgage Support Scheme(HMS)

This is a government backed initiative that is intended to provide greater assurance to homeowners that they will be able to remain in their homes if they suffer a temporary fall in income but are expected to recover at a later date.

What is it?

This scheme gives homeowners who are experiencing financial problems sufficient time to find new employment or recover income, without the added concern and stress of potentially losing their home in the interim.

The scheme allows lenders to reduce a borrower’s current monthly mortgage payments, with the deferred payments rolled up, added to the principle, and paid at a later date when the borrower’s financial circumstances have improved.

How do I find out more?

The scheme is voluntary and subject to eligibility criteria to ensure that there is proper risk sharing between government, lenders and borrowers and the scheme is sustainable for those that participate. You will need to have received formal money advice from a money advice provider, such as Payplan, for your application to be considered. Please click the link to be directed to either the CLG or Direct Gov website for eligibility criteria and details on how to apply.

www.direct.gov.uk/hms
www.communities.gov.uk

Mortgage Rescue Scheme (MRS)

If you are having difficulty making your mortgage repayments and at risk of becoming homeless you could get help to stay in your home. You’ll need to meet the eligibility criteria to get help from the Mortgage Rescue scheme. The Mortgage Rescue scheme won’t help people in ‘negative equity’, which is when the amount owed on your mortgage is more than the value of your home.

What is it?

Depending on your circumstances, and providing you meet the eligibility criteria, the scheme may help you either with a ‘shared equity loan’ or through a ‘Government mortgage to rent’.

It is available in England only (separate schemes are under developments for clients in Wales, Scotland and Northern Ireland).

How do I find out more?

You can be referred for help through the Mortgage Rescue scheme by advice agencies (such as Payplan), courts or lenders. You can also contact your local council for advice. Please click the link to be directed to either the CLG or Direct Gov website for eligibility criteria and details on how to apply.

www.direct.gov.uk/hms
www.communities.gov.uk

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