Mortgage support scheme launched

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  • We have an interest only mortgage, my husband has been made redundant & we are struggling financially. We have large credit card debts.
    Do you think we would be better off deferring the 70% of the monthly interest using this scheme and trying to pay off the credit cards over the next two years?

    Pebbles6
  • happybrokerhappybroker Forumite
    1.3K Posts
    check first to see if your mortgage is with with one of the lenders that this applies to as it isn't all of them. If it is find out if you qualify and then try an make a decision.

    If your credit card debt is out of control you may well need to look at this if the scheme is not available to you. Remember that you can get "upto" 70% deferred so if can afford more than 30% (which if you are intending to repay the cards in that time I'm guessing you may be able to) then you might have to pay more than 30%.

    Check also that you cc's haven't got payment protection on them, you would be surprised how many do!

    good luck with it pebbles
    Happily an ex mortgage broker!
  • I am so frustrated. I have been waiting and waiting for this scheme since Mr. Brown mentioned it at the end of last year. Finally it is launched and my lender isn't signed up!!!
    Spoke to my lender and they advised that they did not yet know about their equivalent scheme. Have to scrape through another month!
  • edited 29 April 2009 at 6:49AM
    RoseARoseRoseARose Forumite
    1 Post
    edited 29 April 2009 at 6:49AM
    My husband and I are both on Incapacity Benefit and applied for the SMI benefit, all it did was take our income support off us to fund this, how exactly is this helping us? We thought from all the government information and the infoirmation on this site it was an extra payment to help out but it is not.

    Are we being penalised by someone who doesn't understand the system or this this the norm. I had to tell the Benefit officer the information on this site before we could get help as he was confused by the whole thing.
  • happybrokerhappybroker Forumite
    1.3K Posts
    This scheme sounds like another resounding success to me, well done Gordon et al, your public's confidence overfloweth!?!
    Happily an ex mortgage broker!
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