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 oer 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 oaccepting or reusing mortgage rescue. Your money adviser and housing ofcer will be ableto explain exactly what it will mean or you.
Ater your local authority has reerred 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 aord. I you need help with negotiating this, ask your money adviser.