Mortgage Rescue

• Are you a homeowner?
• Are you having difficulty with your monthly mortgage repayments?
• Are you in danger of losing your home because of mortgage debts?

The Government Mortgage Rescue Scheme is operated by your local authority and a local housing association. To qualify for the scheme you, or someone you live with, must:

• have dependant children or be pregnant, suffering from ill-health, disabled or elderly;
• not own any other property
• have a yearly income under £60,000

The scheme offers two options:

Government Mortgage to Rent

The housing association buys your home and you remain there as a tenant, with a 3 year guaranteed tenancy. The rent will be at less than the market rate.

Shared Equity

The housing association lends you a low-interest equity loan which you use to pay off part of your mortgage. Interest is payable on the loan, but your total mortgage and interest costs will be less than your current mortgage payments. The loan is linked to the value of your home, so will increase in value as your home increases in value.

Only properties up to a value of £155,000 qualify for mortgage rescue.

To find out more about the mortgage rescue scheme: Government mortgage to rent click on the following link:

http://www.communities.gov.uk/documents/housing/pdf/1495994.pdf

To find out more about applying for national mortgage rescue please contact Housing Solutions on (01432) 261600