Mortgage support scheme in jeopardy

The government’s scheme to help homeowners struggling in arrears is in jeopardy, after slow take-up from lenders. The homeowner mortgage support scheme is designed to allow homeowners who suffer a sharp drop in income to defer interest payments for up to two years, and was due to be launched in April. Nationwide Building Society the third-largest lender in the UK said it was still considering whether the ‘considerable administrative burden’ was worthwhile considering the small number of borrowers who would benefit. Lloyds and RBS are expected to commit to the scheme after coming under heavy pressure from the government.