I wrote last week to local councils in the area to find out what they are doing to help implement the Mortgage Rescue Scheme that the Government extended across England a few weeks ago. If you are facing repossession, the Mortgage Rescue scheme could help you stay in your home by making your mortgage repayments more affordable for you.

To apply for the scheme you must meet the following eligibility requirements:

·        Suffered a loss of income from employment or self-employment of a scale which now makes full mortgage payments difficult, but which is not expected to be a permanent loss of income.

·        Been in dialogue with their lender, including over the use of existing forbearance policies, and have been making some level of regular payment.

·        Taken out a mortgage of up to £400,000.

·        Savings below £16,000

·        The applicant must be in priority need, for example, have dependent children.

·        Must not be in negative equity.

·        Been assessed as being able to pay a certain monthly amount on an ongoing basis.

·        Received financial advice from a party other than their lender to determine their eligibility for the scheme, including testing the long-term sustainability of their financial position, and their ability to resume full payments once their income increases.

·        Fallen into arrears for a number of months during which the lender has exercised forbearance.

As you can see this scheme should be seen as a last resort. The best advice is to act early before problems can get out-of-hand. Contact your lender and discuss at length how you may be able to come to an alternative payment arrangement. If you are experiencing unfair difficulties with lenders then please contact me and I may be able to offer some assistance.

Finally, Swindon Borough Council is offering Mortgage Rescue appointments to all applicants enquiring about the scheme and can be contacted via Nick Kemmett nkemmett@swindon.gov.uk and Sarah Holohan sholohan@swindon.gov.uk

More information about the Mortgage Rescue Scheme can be found at http://www.direct.gov.uk/en/HomeAndCommunity/Keepingyourhomeevictionsandhomelessness/LosingYourHome/DG_174005