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Mortgage rescue scheme rolled out across England
21 January 2009
Certain people who are struggling to meet their home loan repayments are set to benefit from a mortgage rescue scheme being rolled out by the government.
Costing £200 million, the initiative is targeted at vulnerable families on incomes of less than £60,000 who are at risk of repossession.
It is estimated that, over the next two years, it will help up to 6,000 families avoid losing their homes.
Eligible households will be able to apply to their local authority for one of two options, depending on their situation.
They will either be able to sell a share in their homes to a housing association, enabling their monthly mortgage payments to be reduced, or they will be able to sell their entire home to such an association.
If they choose the second option, they will be able to remain in their property as tenants paying a subsidised rent.
Meanwhile, the Association of British Insurers recently said that people who take out mortgages have a responsibility to secure insurance in case they become unable to meet their debt repayments.
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