How to Get the Mortgage Rescue
Friday, January 16, 2009 8:04
The Mortgage Rescue Scheme is a £200m package of measures originally unveiled by the Government last September. It is part of a package of measures announced by the Government to stem the tide of predicted repossessions.
The rescue scheme is designed to prevent some of the most vulnerable families from losing their properties and experiencing the trauma of repossession. It can be divided into two parts. The first allows homeowners to sell part of their property in a shared equity deal to a housing association to help reduce the mortgage repayments. The second enables households to sell their entire home outright to a housing association and pay subsidised rent to go on living in the property. It is predicted by the Department for Communities and Local Government that over the next two years, about 6000 households would be helped by the £200 million scheme.
People who would be eligible for homelessness assistance and is subject to a range of eligibility criteria can be help by this rescue scheme. Though the scheme is primarily aimed at elderly and disabled homeowners and families with young children, any household with an income of less than £60000 a year can also apply for financial help. The scheme can be easily applied for via contacting the housing department of the local authority or visiting the local Citizen’s Advice Bureau. However, people cannot apply if they are in negative equity, which means their mortgages are worth more than the value of their properties.
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Robert Fast says:
March 30th, 2009 at 10:53 am
UK Repossessions in the have jumped up 68 percent during 2008, in comparison to figures from the previous calendar year. Caused by interest rate increases and now high unemployment levels. This recession will defintely going to be a rough ride for UK home owners.