Page last updated at 03 June 2015 at 13:51
Help For Homeowners
Worried about Repossession?
With the cost of essentials rising, interest rates going up and salaries and wages unchanged, more and more people are struggling to meet their most important household bill.
The message that we, the Citizens Advice Bureaux and lenders themselves always give is : don't think that it will go away. If you are starting to struggle, the sooner you get help the more likely you are to be able to cope. Leaving it until the debts become overwhelming and it is affecting your health is far too late.
Some of the help available includes money advice, benefits advice, help to reach repayment agreements, credit unions and mortgage rescues. The last of these is a government backed scheme which helps owners in some circumstances to convert their home into a rented property. The scheme 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. Find out more
Depending on your circumstances, homeowners eligible for help may be offered either:
- a shared equity option, which enables the homeowner’s monthly mortgage payments to be reduced,
- 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 02380 688165.
More information on other schemes are to be found here: