Department for Communities and Local Government - Homeowners Mortgage Support Scheme

List of all recent work 

Slaughter and May is advising the Department for Communities and Local Government, working closely with Departmental legal and policy advisers, on the Homeowners Mortgage Support Scheme launched on 21 April 2009 which will enable borrowers who meet specified eligibility requirements to reduce their monthly mortgage payments by deferring a proportion of their interest payments for up to two years. Lenders who participate in the Scheme will have the benefit of a Government guarantee for up to 80 per cent. of the interest payments that are deferred by borrowers admitted to the scheme.

The initial institutions which have decided to participate in the scheme include members of the Lloyds Banking Group, The Royal Bank of Scotland and other members of its group, Northern Rock, Bradford and Bingley, Cumberland Building Society and the National Australia Bank group. Further institutions are expected to confirm their participation in the scheme subsequently.

Corporate Restructuring: George Seligman (partner), Jo Syrett (associate), Megan Stanley (associate); Financial Regulation: Ben Kingsley (partner)