Move fast for mortgage aid or risk being left out of pocket

Ending soon: From April 5 the Support for Mortgage Interest scheme will be scrapped

Homeowners could be left out of pocket after changes to a government mortgage aid scheme.

Support for Mortgage Interest helps borrowers with interest payments on loans up to £200,000. To apply, you must be on benefits or receiving pension credit.

From April 5, the payment will be scrapped and replaced with a loan at an interest rate of 1.5 per cent.

It will cover the same amount of interest as the existing payment.

But when you sell the house or die, the money must be repaid.

Those on the current scheme must sign up or payments will stop. 

The Office for Budget Responsibility says 90 per cent of the 100,000 expected to take part have not yet done so.