If you are thinking about using The Homeowners Mortgage Support (HMS) scheme, which is backed by the government you may also be eligible to use Property Cashpoint’s sell house fast plan too.
Our sell house fast scheme is aimed at helping homeowners obtain a quick cash house sale. Unlike The Homeowners Mortgage Support scheme, which helps people temporarily pay their mortgage. In some cases paying your mortgage may not be your only worry. If you have recently lost your job and have credit card and loan repayment debts spiralling out of control. In cases like these a helping hand with your mortgage re-payments may not be enough. In this situation your most suitable option maybe to secure a quick house sale with immediate cash offer.
The Homeowners Mortgage Support scheme helps people who rely on two incomes and have recently lost one. They may no longer be able to work overtime and as a result can make their mortgage repayments. Other circumstances which are considered include number of working hours reduced and a loss of a second part-time job.
The HMS scheme can mean that the interest on your mortgage is deferred for up to two years. However, not all lenders are part of the scheme and there are a few constraints in terms of eligibility.
If you own more than one home or have mortgage protection insurance you will not be considered. Or if your lender does not think you will be able to meet the mortgage re-payments even if you don’t have to pay interest. Also if you are already receiving support for mortgage interest (SMI) you will not be eligible.
Using a sell house fast scheme is a more complete solution for financial problems such as these. You can clear your debts and start fresh. However, if your problems are more temporary then a HMS scheme maybe more suitable to your needs. Here’s a link for more information on HMS.
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