 Mortgage Rescue Scheme
The Mortgage Rescue Scheme is aimed at helping Owner Occupiers in mortgage difficulties who are in danger of having their home repossessed. How does it Work? If a home owner is eligible for assistance, a housing association can provide them with an equity loan so that their mortgage outgoings will be reduced or if this is not suitable, the housing association can buy their home from them and they can continue to live there as a tenant. The housing association will be registered with the Welsh Assembly Government and the association will apply to the Welsh Assembly Government for a grant towards the cost of buying their home. Funding for the scheme is limited and so it will not be possible to assist everyone. Help will be given to those in greatest need. Who can Apply? The Scheme is open to people who would be a priority for re-housing with a local council or housing association. The local council can tell them if they are eligible for the Scheme and includes a ‘Yes’ answer to the following: Their home is in danger of being repossessed. That is, their mortgage lender has indicated the intention to repossess their home They will be homeless if the property is repossessed The property is their only or main residence The property is clear of any legal reasons that would prevent it being sold They are unable to sell and buy a cheaper home locally
If eligible, the housing association will look at the level of debts, the cost of buying the home and any repairs or works that are necessary. In some cases it will not be possible to go ahead with the application if the costs are too high to make it practical.
Welsh Assembly Government Link A guidance document produced by the Welsh Assembly Government for Local Authorities and Housing Associations can be found HERE Further Information If you think that the Mortgage Rescue Scheme could help you or someone you know, please contact either: . . . . . . . . . . . . . . . . . . . . Helping Owner Occupiers Avoid Mortgage Repossession November 2009 Housing Options Service, Neath Port Talbot County Borough Council. Tel: (01639) 764692 OR Housing Strategy Team, Neath Port Talbot County Borough Council. Tel: (01639) 763159 |
