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Mortgage Rescue Scheme

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Overview

If you’re having difficulties making your mortgage repayments and are in danger of becoming homeless, you could get financial help to stay in your home. This is called the Mortgage Rescue Scheme.

It’s a last resort after you’ve tried all other options to make your repayments easier - talk to your lender first.

What you get depends on your circumstances. You apply through your local council.

Eligibility

Someone in your household must be in ‘priority need’. This could be:

  • a pregnant woman
  • someone with dependent children
  • someone who is vulnerable because of old age or a physical or mental impairment

There are also the following criteria:

  • your household earns less than £60,000 a year
  • you don’t own a second home, including abroad
  • the value of your mortgage (and any loans taken out against your home) is between 75% and less than 120% of the value of your home
  • the value of your home isn’t higher than the level set for your region (ask your council about this)

What you'll get

When you apply:

  • the council will arrange for you to meet a money adviser if you haven’t already
  • they may also arrange an assessment of your home
  • you’ll get advice and a plan to help you manage your debt

Financial help

There are 2 kinds of financial help. With both, the council involves a Registered Social Landlord (RSL). This is an independent housing organisation.

Equity loan

The RSL provides an interest-only loan to help pay off some of your mortgage and reduce payments to an affordable level. You need no more than 40% equity in your property to qualify for this.

Government mortgage to rent

The RSL buys your home for 90% of its market value. You’ll stay in your home and pay rent to the RSL. The rent will be 20% less than the market rate for your area.

 

 

 

 

 

 

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