Over 160 Yorkshire families benefit from Mortgage Rescue Scheme

Published by Ross Macmillan for 24dash.com in Housing

Over 160 Yorkshire families have been able to remain in their homes thanks to help they received through the Government’s Mortgage Rescue Scheme, which is managed in partnership with the Homes and Communities Agency.

The Mortgage Rescue scheme was introduced in early 2009 to help eligible people who are at risk of becoming homeless because they can no longer meet their mortgage repayments. So far across England 980 families have been helped.

The scheme allows people to sell part of their home to a housing association in a shared equity deal which then reduces their monthly mortgage, or alternatively they can sell their home to the housing association and remain in it as a tenant.

Those struggling with your mortgage, advice agencies, courts or lenders can refer you to the scheme after assessing if you are eligible. You can also speak to your local housing authority - the organisation that manages housing for your council.

Sally Lynch, Head of my4walls, the provider of the Governments Mortgage Rescue Scheme in West, South and parts of North Yorkshire, said: “The Mortgage Rescue Scheme in Yorkshire has been a great succes and it has been hugely fulfilling to know that we can truly make a difference to peoples lives and give them long-term stability.
  
“The current economic climate is still very tough for homeowners and the scheme in many cases has become a lifeline saving many families and vulnerbale people from losing their homes.”

The mortgage rescue scheme is open to home owners who meet government set criteria which includes:

• Being in a household earning less than £60,000 a year
• The homeowner has exhausted all other mortgage repyament options
• The homeowner must have sought debt counselling and advice and agreed to arrangements to repay your debts
• The value of the property should be less than the regional set level
• The homeowner is vulnerable because of old age or a physical or mental impairment or has dependent children

 
David Curtis, Director for the North East, Yorkshire and the Humber at the HCA, said: “The Mortgage Rescue scheme is an excellent way of helping people stay in their homes in difficult times and to give them some certainty for the future.  My4walls have not only managed the programme for us but also been able to give advice and support to home owners in difficulty.”

If you do not think you qualify for Mortgage Rescue Scheme there may be other options for you. Speak to the Citizen's Advice Bureau or another money advice agency or your local housing authority.