Mortgage Rescue
MORTGAGE RESCUE
The Mortgage Rescue Scheme is a national
Government Scheme which has been set up to help prevent vulnerable
homeowners from losing their homes. Mortgage Rescue is a
voluntary scheme which Ashford Borough Council are pleased to
confirm that we are participating in.
What are the criteria to be eligible
for the scheme?
You may qualify for the scheme if you have
dependent children or if anyone in your household is pregnant,
elderly or disabled.
What might prevent me from being
eligible for the scheme?
You may not be eligible for the scheme if your
household earns more than £60,000 a year or if your property is
valued at more than £225,000 or if the property is much larger than
your families requirements.
We may not be able to help you if there are
orders or charges on your property which would stop it from
being sold.
How does the scheme work?
There are two possible solutions that the
scheme can provide
The first is shared equity which is when a
housing association (Moat
Housing) would provide an equity loan which is secured on your
home and which would reduce your monthly mortgage payments.
You would still own the property and you would repay the loan at a
low interest rate.
The second is Government Mortgage to Rent
which is when a housing association (Moat Housing) buys your
property at the market value and you become the tenant of the
housing association and pay them rent. The rent would be set
at ‘intermediate rent’ levels which is equivalent to 80% of the
open market rent that the property would achieve.
How do I go about applying for these
schemes?
If you think that you meet the criteria for
the Mortgage Rescue Scheme, you should visit Ashford Gateway Plus
and ask to speak to a Housing Options
Officer who will make an assessment of whether or not you
might be eligible for one of the schemes. If they consider
that you could be eligible, you will be referred to the Citizens
Advice Bureau who would work with you to carry out a financial
assessment and to determine whether one of these options would be
best for you. Your Housing Options Officer will also visit
you at home to make a very basic assessment of the condition and
approximate value of your home.
If the Citizens Advice Bureau agree that
Mortgage Rescue is your best option they will let us know and we
will refer you to the Housing Association (Moat Housing) who are
administering the scheme for Kent.
Additional information about the options available to you is
available to view in the governments worried
about your mortgage booklet.
This webpage was updated on
11/18/2011