The Government has today launched the Homeowner Mortgage Support Scheme, abbreviated to HMSS or HMS. The HMSS allows homeowners who are struggling with their mortgage payments to defer their interest repayments for up to 2 years, subject to criteria.

The Homeowner Mortgage Support Scheme would suit people who may be struggling to repay their mortgage because their working hours have been cut down, they can no longer work overtime, or if they are relying on one income instead of two. 

With much of the country in severe financial difficulty at the moment, the HMSS is designed to relieve some of the pressure on credit-crunch victims. More and more families are turning to debt management solutions, debt relief orders and IVAs in order to sort out their finances. Consolidation loans are being taken out to turn multiple credit card and store card debts into one affordable repayment. Housing Minister Margaret Beckett hopes the Homeowner Mortgage Support Scheme will provide temporary relief for hard-pressed families.  

To be eligible for the Homeowner Mortgage Support Scheme you must have experienced a temporary drop in income and be unable to meet your monthly mortgage payments. There are other conditions to be met depending on your mortgage lender.

You can get more information on HMSS or the Homeowner Mortgage Support Scheme as seen on Working Lunch here

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