Mortgage protection scheme over looked by banks
The mortgage protection scheme which was introduced early this year by the Government has been ignored by some high street banks. Some UK banks that help to create the scheme in conjunction with the Government have declined to offer the service to consumers.
This new scheme offers those who are finding it difficult to pay their mortgage the chance to defer interest for up to two years.
So far only Northern Rock, Bradford and Bingley and Lloyds have signed up to the scheme. Other banks such as Barclays, HSBC, Natwest, Abbey and Alliance & Leicester have chosen not to sign up to the new government initiative.
Although this has been a harsh blow to the UK Government, they are going to announce a new initiative soon which will put aside more funding to help those people that are struggling with mortgage payments.
It is clear that the government is keen to help people with mortgage payment problems and if one scheme does not work, they will scrap that and try to come up with another one that does.
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