Mortgage rescue scheme
26th January 2009
The Government has announced its mortgage
rescue scheme has been extended across England.
The scheme is targeted at households with
incomes of less than £60,000 a year who would be entitled to be
re-housed under homelessness legislation, such as the elderly,
disabled or those with children.
You can either sell a share of your home to a
housing association, enabling your monthly mortgage payments to be
significantly reduced, or sell the entire home to a housing
association and remain in the property as tenants paying a
subsidised rent.
If you are currently facing financial
difficulty and are having problems meeting your monthly mortgage
repayments, we would urge you to contact your mortgage lender
immediately to discuss your options direct with them. You can also
contact the Citizens Advice Bureau, which will put you in contact
with other organisations that may be able to help.
To find out more about the mortgage rescue
scheme, you will need to contact your local authority in the first
instance.
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