Orbit gets £35 million for mortgage rescues

Published by Max Salsbury for 24dash.com in Housing and also in Central Government, Finance

Orbit Group has been given a £35 million contract to help people who are struggling with their mortgage payments.

It is hoped that the two-year contract with the Homes and Communities Agency (HCA) will help over 600 families to stay in their homes.

The Government Mortgage Rescue Scheme arranges for those who are struggling with their mortgages to have their properties bought and rented back to them. To date, Orbit has helped more than 3470 people stay in their homes through the rescue package.

Orbit operates the scheme in the West Midlands and East regions, retaining some of the homes itself and passing others on to local authorities and other housing associations.

Jenny Birch, Head of Mortgage Rescue at Orbit Homes, said: “We have a long track record of delivering Mortgage Rescue effectively and efficiently and are delighted this has been recognised with an extended contract.

“But what really matters to us is helping people. Behind the funding and the scheme are hundreds of people who for a wide range of reasons are at risk of losing their home.

“Mortgage Rescue is helping to keep families together, kids at schools where they have been for years, parents in work locally – and saving the huge legal and administrative costs of re-possessions.”

Terry Fuller, HCA Executive Director for East and South East England, said: “Mortgage Rescue is a hugely important initiative for us as it enables people at risk from repossession to stay in their own homes.  Orbit has more than proven its ability to deliver this scheme and provide security and continuity to vulnerable people who need help and support to get back on their feet.”