The European Commission has approved under EC Treaty State aid rules the UK Homeowners Mortgage Support Scheme, which is aimed at reducing the level of home repossessions that are likely to occur as a result of the current economic downturn. The scheme was notified by the UK on 24 March 2009 and it will allow households that are unable to meet their mortgage repayments following a temporary drop of income to defer all of their principal and up to 70% of their interest repayments for a period of up to 2 years. In return, the UK will provide the lender with a guarantee on part of the deferred interest. The Commission concluded that this UK support measure is compatible with Article 87(2)(a) of the EC Treaty as it provides an aid of a social character to individuals, affected by a temporary income shock and at risk of losing their home, on a non-discriminatory basis.