The Mortgage Rescue Scheme helps owner occupiers who are in mortgage difficulties and are in danger of having their home repossessed.
During 2010 – 2011, eligible home owners who were at risk of losing their home, could be assisted in one of two ways; a housing association could provide an equity loan so that the mortgage outgoings were reduced or, if this was not suitable, the housing association could buy the home from the owner and they could then continue to live there as a tenant.
This scheme prevented home owners from becoming homeless.
During 2010 – 2011, 22 properties were purchased by Newydd Housing Association through the mortgage rescue scheme and converted to social rented properties.
This scheme no longer operates in such a wide scope and is now limited to adapted homes only.
For more information contact the Homelessness and Housing Advice Team on 01446 700 111.