New mortgage support scheme explained

December 12, 2008 by Brendan O'Neill

CeMAP

News

The new mortgage support scheme announced by the government recently met with mixed feelings and this week, more details of the eligibility criteria have been released.

The support offered was to allow homeowners to defer their mortgage interest payments for up to two years.

In order to qualify for this level of support, the government has said that they must have savings of less than £16,000 and also be able to prove that their loss of income is only temporary.

70 per cent of the mortgages in the UK will be eligible as 7 of the UK’s largest mortgage lenders have signed up to the scheme.

“The scheme will be voluntary and subject to eligibility criteria to ensure that there is proper risk sharing between government, lenders and borrowers,” the government said.

Those who want to take their CeMAP training will not have to worry about knowing the eligibility quite yet, as the CeMAP syllabus is only updated twice a year.