The Mortgage Rescue Scheme is a government scheme to help vulnerable people who have incomes of less than £60,000 stay in their home. The scheme is not set up to help everyone at risk of losing their home.
If you are interested in applying for the scheme you need first to contact your mortgage lender and ask them to apply their 'lender hardship tools'. If you need advice and guidance to do this, contact the Council's Housing Options team.
The Government has now (April 2009) extended the scheme to some people who are in negative equity whose debts are no more than 120% of the value of their home.
To be eligible for the scheme you must:
- not owe more than 120% of the value of your home
- have an income of less than £60,000 a year
- have a property worth less than £225,000
- be vulnerable and eligible for help under the Council's duties to help homeless people
- have a letter from your mortgage lender recommending you for the scheme
If you wish to apply for the scheme, contact the Housing Options team on 01323 415302 for an appointment. If you meet the criteria above, we will:
- interview you to find out whether or not you are eligible fo the scheme
- refer you to the Citizen's Advice Bureau for a financial assessment
- visit your home to ensure it meets your needs and is in a suitable condition
This is only a summary of the scheme. There are very strict rules about who can apply. If you are interested in finding out more please download the Factsheet below.
