The Mortgage Rescue Scheme has been set up to assist and support vulnerable households who are struggling to maintain their mortgage repayments and are at risk of losing their homes through repossession. The aim wherever possible, is to keep people in their homes and living in the community where they can continue to benefit from existing support networks, including family, friends, schools and colleges.
There are two support options of the Mortgage Rescue Scheme:
- Mortgage to Rent, where a homeowner sells their home to a housing association, and rents it back from them at an intermediate rent.
- Shared Equity, where a housing association will offer the household an equity loan in order to reduce their monthly payments.
bpha is working with the Government and local authorities to facilitate the Mortgage Rescue Scheme in the areas of Bedfordshire, Northamptonshire, Cambridgeshire and Peterborough.
How do I get onto the scheme?
All applications for assistance under the Mortgage Rescue Scheme must be made through your Local Authority Housing Options department, who will assess your suitability for the scheme and assist you with the application. However, the Mortgage Rescue Scheme is designed as a last resort, and you will not be considered for the scheme unless you have explored all other options first.