Homeowner Mortgage Support Scheme introduced

Buy-to-let investors should be able to benefit from a new government scheme which aims to help homeowners pay their mortgages, it has been claimed.

According to Contractor UK, the National Landlords Association (NLA) wants those who are busy drawing up tenancy agreements to qualify for the new Homeowner Mortgage Support Scheme.

It will allow those who suffer a "significant and temporary loss of income" due to the recession to defer a proportion of their interest payments for up to two years, if their property is mortgaged for up to £400,000.

The NLA said: "By giving buy-to-let landlords the same breathing space it would give them a chance to offer any struggling tenants a similar period of time to get their finances in order."

Figures from the Association of Residential Letting Agents found that there had been a rise of nearly 20 per cent the number of new tenants in the three months leading up to the end of August 2008.

Published on: December 5, 2008

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