Mortgage Rescue Scheme extended
News release PR 2126
Issued 19 November 2012
A Government scheme, which has prevented 29 householders in King's Lynn & West Norfolk from losing their homes through repossession, is being extended until 31 March 2014.
Since its launch in 2009, the Mortgage Rescue Scheme has proved invaluable in helping people at risk of homelessness to stay in their own homes.
Cllr Adrian Lawrence, Cabinet Member for Housing, said: "We're delighted that the government is extending the Mortgage Rescue Scheme. It has really helped us to help people in west Norfolk to stay in their homes when they've been experiencing financial difficulties."
Malcolm and Maria Halls from Feltwell had their property bought by Orbit Group in 2011 through the scheme after getting into difficulties with their mortgage payments through circumstances outside of their control. Mr Halls said: "It was a God send. We found out about it through our lender and we went to see the borough council and Citizens Advice Bureau. The process ran really smoothly. Without the scheme there would have been no way we could have saved our home. We would have been homeless."
The Mortgage Rescue Scheme can help people experiencing difficulties maintaining their mortgage payments in one of two ways:
1. A Registered Social Landlord such as a Housing Association buys the property and rents it back to the former owner, or
2. It offers an interest only equity loan to reduce the monthly payments to a manageable/sustainable level, whereby ownership is retained.
In order to qualify for the scheme households must have a priority need as determined by homelessness legislation, such as dependent children, old age, pregnancy, disability or ill health.
More information regarding the Mortgage Rescue Scheme is available by picking up a leaflet from the borough council offices in King's Lynn, Hunstanton or Downham Market. Alternatively contact the Housing Options Team on 01553 616675 or visit the King's Lynn council offices to see a Housing Options Officer.
Last updated: 13 March 2013