Mortgage Rescue Scheme

This scheme can help you if you have missed payments on your mortgage.

You may qualify for the scheme if you have dependent children or anyone in your household is pregnant, elderly or disabled.

If your household earns more than £60,000 a year, you cannot use this scheme, and there are limits on the value of your property that may stop you applying for this help.

The council will take care of your application and work with money-advice agencies, local housing associations and your lender to provide the best solution to suit you and your family.

There are two possible solutions that the scheme can provide.

Shared equity - This is when a housing association provides an equity loan to reduce your monthly mortgage payments.  You will still own the property.  You will repay the loan at a low interest rate and the loan will be secured on your home.

Mortgage to rent - This is when a housing association buys your property at the market value and you then become the housing association's tenant, and pay them rent.

To find out more about this scheme, please contact the housing department on 01200 414587.