We have a number of support packages to help local residents struggling with their mortgage payments. They are aimed at homeowners at risk of losing their homes through repossession.
Breathing Space - Mortgage Assistance Loan
A temporary measure following a change in circumstances such as redundancy or ill health. Help can be provided through an interest free secured loan to pay off mortgage arrears. The loan may also provide ongoing mortgage instalments for up to 12 months.
Breathing Space can be used to provide financial help with arrears and ongoing payments for secured loans. The amount available is between £2,000 and £15,000. Payments are made direct to your lender.
Anyone who takes out a Breathing Space loan does not have to repay any monthly instalments, during the 3 year loan period.
- there are no fees or set up costs
- the loan is interest free
- the loan is fully repaid at the end of the 3 year period so that we can offer help to other households.
Breathing Space allows you time to consider your longer term options, such as re-financing/re-mortgaging your home or selling at a realistic market price.
To qualify for help your mortgage and secured debts plus our loan should be below 90% of the value of your home. Anyone can apply as there are no house value restrictions. More information and details of how to apply can be found in the Breathing Space leaflet.
Mortgage Rescue Scheme
This provides support if your circumstances have changed and you are facing longer term difficulties with home ownership.
Under the Mortgage Rescue Scheme, a registered social landlord (RSL) can buy your property and you will remain in your home as a tenant. If you have equity in your home, an equity share option is available, and the RSL will buy a share that will clear your mortgage and debts. If you have little or negative equity, the scheme might still be able to help you.
To qualify, your property should not be valued at more than £140,000 and you should be in priority need. However, there are some flexibilities, so contact us to find out.
Rents under the scheme are set at least 20 per cent below private rented levels for your area so payments are usually lower than that paid for your mortgage.
Preventing Repossession Fund
This scheme offers small, interest free loans to deal with immediate difficulties that could result in you potentially losing your home.
The maximum amount available is £5,000 to be repaid on a monthly basis over the maximum 5 year lending period.
The purpose is to help to get your mortgage or debts that would normally be manageable, under control.
These schemes cannot help everyone, especially if you leave it too late. However, it is never to late to seek advice.