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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
Copyright:Attribution Non-commercial


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Government mortgage rescue scheme
 What will it mean for me and my family?
 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
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.
 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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