Mortgage Rescue
Mortgage Rescue is for applicants that are most affected by the credit crunch and rise in mortgage rates. For some extreme cases help might be available in the form of a mortgage rescue scheme.
Local authorities will have a major role in this scheme by helping assess applications. Depending on their specific circumstances, eligible home owners will be offered one of three options:
Shared ownership: a registered social landlord buys a share (enabling the purchaser to pay off some of their mortgage) and coverts the property to shared ownership by issuing a shared ownership lease.
Shared equity: a registered social landlord provides an equity loan enabling the householders mortgage payments to be reduced.
Sale and rent back: a registered social landlord (RSL) clears the secured debt completely and the applicant pays rent to the RSL at a level they can afford.
Who can apply for mortgage rescue?
The £200 million mortgage rescue scheme launched by the Government will help up to 6,000 of the most vulnerable families avoid repossession.
This will not help those who have acted recklessly or irresponsibly. It is firmly targeted on those families who can no longer afford their repayments, and who would be eligible for homelessness assistance.
Are you worried about your mortgage?
Click on the link below to get more advice now.
How can I apply?
Simply complete an application form by clicking here.
