Rescue Scheme for Mortgage Difficulties
Published Monday 19th November 12
Families who have fallen behind with their mortgage payments can stay in their homes thanks to Ribble Valley Borough Council's Mortgage Rescue Scheme
The scheme allows vulnerable Ribble Valley households to reduce their monthly mortgage payments by selling a share of their home to a housing association, or selling the property outright and remaining as a tenant on a subsidised rent.
As part of the scheme, any necessary upgrading work on the property is also undertaken.
The scheme is aimed at households with incomes of less than £60,000 a year that are entitled to be rehoused under homelessness legislation, for example because they are elderly, disabled or have children.
Stuart Hirst, chairman of Ribble Valley Borough Council's health and housing committee, said: "The mortgage rescue scheme is part of a range of measures we have put in place to help households at risk of reposession or eviction.
"We also urge anyone struggling to pay their mortgage or rent to contact their lender, landlord or the Citizens' Advice Bureau without delay."
The scheme has enabled three Ribble Valley families facing repossession to remain their homes so far this year and a further three cases are underway.
Further details about the schme is available from the council's housing team on 01200 414587.