Mortgage Rescue

Mortgage Rescue is a new £200m government package of measures designed to prevent some of the most vulnerable families losing their homes and experiencing the trauma of repossession. This scheme is aimed at those who would be eligible for homelessness assistance and is subject to a range of eligibility criteria. £200m will avoid up to 6,000 repossessions across England. Mortgage Rescue will operate by bringing together local authorities, Registered Social Landlords (RSLs), lenders and debt advice agencies. There are two kinds of rescue package:

(i) Shared equity - where an RSL provides an equity loan enabling the householders' mortgage repayments to be reduced. For those homeowners who are facing a payment shock from remortgaging and/or higher living costs but likely to retain current income.

(ii) Sale and rentback - where an RSL clears the secured debt completely and the applicant pays rent to the RSL at a level they can afford. For the most vulnerable households on low incomes with little chance of sustaining a mortgage.

If you are interested in the Mortgage Rescue scheme, please contact Brent's Housing Solutions service on 020 8937 2787

For more information, see the government's Homes and Communities Agency's Mortgage Rescue pages.