HMSS: Mortgages through RBS, Lloyds and Northern Rock

The government has finally launched the Homeowners Mortgage Support Scheme (HMSS), which was first announced back in December 2008. This initiative is aimed at trying to reduce the number of home repossessions who have mortgages with RBS (LON:RBS), Lloyds (LON:LLOY), Northern Rock and other UK lenders.

The new scheme will offer support for those who took out a mortgage before December 1 2008, and who have less that £40,000 £400,000 outstanding on their mortgage. You will also have less that £16,000 of savings.

The Daily Telegraph Evil’s City rip

• Lethal Weapon 3

reports that Housing Minister Margaret Becket said: “We know that many families are worried about how to pay the mortgage right now, and we’re determined to ensure there is real help available to them.”

Other lenders such as Barclays (LON:BARC), HSBC (LON:HSBA), Nationwide and Santander (NYSE:STD) have said that they will not be offering the HMSS. These banks have however stated that they will offer comparable arrangements.