Could you defer your mortgage payments?

Homeowners struggling to meet their mortgage debt could be offered lower monthly repayments as part of a new government and banking initiative.

The Homeowners Mortgage Support (HMS) scheme is being offered by 10 banking groups and building societies, with other institutions lined up to join the scheme soon.

The scheme means that borrowers who suffer a temporary loss of income could cut their mortgage interest payments by up to 70% for up to two years.

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