North Wales Housing

The Mortgage Rescue Scheme may be able to help you if you are an owner occupier in mortgage difficulties and you are in danger of having your home repossessed.

How does it work ?

If you are eligible for assistance, a housing association can provide you with an equity loan so that your mortgage outgoings will be reduced or, if this is not suitable, the housing association can buy your home from you and you can continue to live there as a tenant.

The housing association will be registered with the Welsh Assembly Government. The housing association will apply to the Welsh Assembly Government for a grant towards the cost of buying your home.

Funding for the scheme is limited and so it will not be possible to assist everyone. Help will be given to those in greatest need.

Is it for you ?

The Mortgage Rescue Scheme will not be the best option for everyone. It may be possible for you to get back on track with your mortgage payments without having to sell your home. If you are having difficulty paying your mortgage you must talk to your lender and take independent advice to find out what options are available to you as soon as you think there may a problem. Organisations such as Shelter or Citizens Advice can help you.

Who can apply ?

To apply for the Mortgage Rescue scheme you must answer yes to all of the following:

• Your home is in danger of being repossessed. That is, your lender has started legal action to repossess your home;
• You will be homeless if the property is repossessed;
• The property is your only or main residence;
• The property is clear of any legal reasons that would prevent it being sold; and
• You are unable to sell and buy a cheaper home locally.
• You live in specially adapted housing.

If you are eligible, the housing association will look at the level of your debts, the cost of buying your home and any repairs or other works that are necessary. In some cases, it will not be possible to go ahead with your application if the costs are too high to make it practical.

You have no right to assistance under the Mortgage Rescue scheme but you will be given a reason why your application cannot go ahead.

What should you do next ?

If you think that the Mortgage Rescue Scheme could help you, you should contact:

• Your local authority (local council). You can find the telephone number in the phone book. Their homelessness team or housing strategy officers will be able to help you to get in touch with a housing association; or
• The Housing Directorate at the Welsh Assembly Government at:

• Merthyr Tydfil Office
  Rhyd Y Car
  Merthyr Tydfil
  CF48 1UZ
  
  Telephone: 01685 729156 or 01685 729157
  E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

For independent advice: Contact Shelter Cymru on 0845 075 5005 or visit their website.

Visit: Shelter Cymru website

You can find the telephone number of your local Citizens Advice office in the phone book or visit their website.

Visit: Citizens Advice Bureau website