Page last updated at 11:34 GMT, Friday, November 18 2011
Help For Homeowners
Worried about Repossession?
In response to
increased mortgage repossessions and the associated increased risk
of homelessness, Communities & Local Government (CLG) announced
a £200m Mortgage Rescue Scheme (MRS).
MRS, launched on 1st January 2009 is part of a wider package of
measures to help homeowners through the current economic
downturn.
These wider measures include support to out-of-work homeowners
who are eligible for Support for Mortgage Interest (SMI) and
support to homeowners who have suffered a short term income shock
and who may be eligible for the recently announced Homeowner
Mortgage Support scheme.
MRS is a targeted and specific homelessness prevention tool for
vulnerable households. It is intended to provide an additional
safety net for up to 6,000 homeowners with vulnerable households
who are at risk of losing their home through repossession over the
next 2 years.
Depending on their specific circumstances, homeowners eligible
for help under a MRS may be offered either:
- a shared equity option, which enables the homeowner’s monthly
mortgage payments to be reduced,
or
- Government mortgage to rent which enables the homeowner to
remain in the property as an RSL tenant on an assured shorthold
tenancy, paying a sub-market rent
If you own a home in the borough and are threatened with
repossession and want further information on your eligibility for
this scheme please contact Housing Advice on 023 80 688165.
More information is available here:
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