The government is committed to providing support in the short
term for homeowners who are facing difficulties. The Mortgage
Rescue Scheme is a new initiative to help homeowners, at risk of
homelessness through repossession, to hold onto their homes in the
current economic climate.
Who will it help?
The scheme is aimed at households who the local authority would
owe a duty to house under homelessness legislation.
How do I qualify?
You may qualify for the scheme if you have dependent children,
or anyone in your household is pregnant, elderly or disabled.
If you earn more than £60,000, or your home is worth more than
£200,000 you may not be able to use this scheme.
There are two solutions that the scheme can provide:
Shared equity - a housing association provides
an equity loan to reduce your monthly mortgage payments. You will
still own the property. You repay the loan at a low interest rate
and the loan is secured on your home.
Mortgage to rent - a housing association buys
your property at the market value then rents it back to you.
More information about the Mortgage Rescue Scheme is available
on the Communities and Local Government website:
Other help and advice for homeowners
Information about mortgage assistance schemes and other
help for homeowners, who are worried about repossession or
keeping up with mortgage repayments, is available on the Directgov
website and in the leaflet below:
Contact us
To find out more about the Mortgage Rescue Scheme please contact
the Housing Options Team on 01394 444264 /444613
or email
homelessness@suffolkcoastal.gov.uk.