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Govt shortens wait for mortgage interest support

The waiting period for support for mortgage interest paid to those facing a sudden loss of earnings has been cut from nine to three months.

In the changes brought in today the Government is also doubling the size of mortgage eligible to be covered by the scheme to £200,000.

The Association of Mortgage Intermediaries has welcomed the news.

AMI director Robert Sinclair says: “This will provide support to a small but important group of people who are vulnerable following job losses, in the current economic climate.

“Homeowners should take action as soon as they think they may have trouble meeting mortgage repayments.”

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