Mortgage Rescue
The mortgage rescue scheme will comprise of two products Shared Equity and a Government Mortgage to Rent. Both products are expected to be available early in 2009.
This scheme is aimed at rescuing households who Local Authorities would owe a duty to under homelessness legislation if they become homeless, the majority of whom are normally households with dependent children. Depending on their specific circumstances, eligible home owners will be offered either a shared equity option, enabling the household's monthly mortgage payments to be reduced, or Government mortgage to rent with the household remaining in the property as a tenant on an assured shorthold tenancy paying rent.
In the first instance applicants should contact their local authority homelessness advice department.
More details of the schemes and how to apply will be available soon and we will keep our website updated.
