Homeowners Mortgage Support (HMS) is a Government initiative to help people at risk of repossession.  If your household has had a temporary, unexpected drop in income and you are unable to meet your monthly mortgage repayments , you may be eligible to postpone part of your interest repayments for up to two years.  You will need to change to an interest-only mortgage and have explored all other options with your lender.  Talk to your lender about whether you qualify for HMS.

The Homeowners Mortgage Support document can provide you with more information and can be accessed by using the link on the right hand-side of this page.

To be eligible for the scheme, the homeowner must meet the basic criteria:

-Have a mortgage with a participating lender

-Be able to demonstrate your drop in income

-Have made regular payments for five months before joining, in agreement with your lender

-Have explored all other forbearance options with your lender

-Commit to paying as much of the interest due as you can, and at least 30% of the interest due

-Have savings of less than £16,000

-Have taken out a mortgage or re-mortgaged before 1st December 2008 and only have one property

-Have less than £400,000 left to pay on your mortgage and any other loans secured against the property

-You must have received Money Advice from a HMS Money Advice Service.

The lender has the final say as to who is accepted onto the scheme.  There are risks as well as benefits to consider before participating in the scheme.  For more information on the Homeowners Mortgage Support please use the link to the direct.gov website on the right hand-side of this page.