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Government Mortgage Rescue Scheme

Government Mortgage Rescue Scheme

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Published by Fuzzy_Wood_Person
A guide to the UK Government scheme which can prevent repossession your house
A guide to the UK Government scheme which can prevent repossession your house

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Published by: Fuzzy_Wood_Person on Apr 23, 2013
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01/26/2014

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Government mortgage rescue scheme
 What will it mean for me and my family?
 
23
 What ismortgage rescue?
Mortgage rescue is help that the Government is offering if:
you are struggling to keep up with your mortgage payments;you have had all the help your lender is offering; andyou are worried about having your home repossessed.
The law says that local authorities have to help certain groups o people who have their homerepossessed, and need help so that they do not become homeless.Using mortgage rescue, local authorities can help you
beore
you have your home repossessed,so you can stay in your home rather than being rehoused. Your local authority will consider applications or the Mortgage Rescue Scheme. They will decide iyou are eligible or the scheme and whether your case is a priority or the scheme. They will needto assess not only your case but other possible cases or mortgage rescue in your local area.
I you joined this scheme, a housing association would:
provide you with an interest-only loan to pay o some o your mortgage and reduce yourmonthly payments; or
 
pay o your mortgage and buy your home so that you can stay there as a tenant.
This leaflet explains:
what mortgage rescue is;what help you could get; andwhat mortgage rescue will mean or you and your amily.This leaet can only give you general inormation on the scheme. You will have questions aboutwhat it will mean or you, such as how much you will be paying each month. This all dependson your individual circumstances. You will need to be in regular contact with your local authority housing ofcer, your lender,and your money adviser. The more inormation you can give them, the better they can helpyou and the more accurate they can be when they explain what the scheme means or you. You will need to be involved in helping to deal with your fnancial situation using mortgage rescue. You will also be oered ree independent fnancial advice so that you ully understand whatis involved beore you sign any contract.
 
45
 Who ismortgage rescue for?
Mortgage rescue is aimed at vulnerable homeowners who are at risk o having their homerepossessed. You must have already tried all other options available to you to keep your home.
 You may be eligible or mortgage rescue i you are strugglingto pay your mortgage and:
you, or someone you live with, has dependent children (someone who is 15 or youngeror a person aged 16 to 18 who is a ull-time student) who live with you;you are, or someone you live with is, pregnant; oryou are, or someone you live with is elderly, ill or disabled.
 You must also:
not own any other properties;have a yearly household income under £60,000; andbe at risk o having your home repossessed (your mortgage lender is trying to get possessiono your property through the courts)
 Your local authority will need to do a detailed assessment to decide whether or not youare eligible. They will need to be sure that you:
own and live in the property, and that you want to stay there; andare eligible and that you are in one o the three priority groups being targeted through the scheme.
They will then pass your details to a housing association who will want to make sure that:
your home is suitable or them to buy, as they cannot buy a home which is in very badcondition; andthe value o your home is not more than the limit or your area, as they cannot buy veryexpensive homes. Your local authority can tell you what your local limit is.Even i you are eligible or mortgage rescue, your local authority does not have to oer you mortgagerescue. They may think it is not suitable or that there is a better option or your amily.
Mortgage rescue is a serious step. So you need to ully understand all the consequences oaccepting or reusing mortgage rescue. Your money adviser and housing ofcer will be ableto explain exactly what it will mean or you.
 Ater your local authority has reerred you to a housing association or mortgage rescue, it can takebetween our to six months or more to complete the process. This is similar to the time it might taketo sell your home, because you will be going through a similar process that involves having yourhome valued and negotiating with your lender and housing association. It is very important that youkeep up with your mortgage repayments during this time. I you cannot make the ull payment, talk toyour lender about what you can aord. I you need help with negotiating this, ask your money adviser.

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