ARTICLES!
QUICK PROPERTY BUYERS?
- What Is The Best Way To Sell My Property?
- How to sell your house quickly?
- How can I tell if a cash buyer is trustworthy?
- What will a property buyer offer for my home?
- Different ways of selling your home quickly
- Houses bought for cash: does this really happen?
- How much will it cost to sell my home?
- Quick house sales and where to get them
- Sell my house fast: here are a few options
- Will anyone buy my home?
ESTATE AGENTS?
- Recommended Estate Agents
- 10 things you must know about Estate Agents
- Shall I choose the cheapest Estate Agent?
- Do I need a Rightmove Estate Agent?
- Can I trust an Estate Agent's valuation of my property?
- Are there any good online Estate Agents?
- Choosing an asking price that draws in buyers
- Do I need an EPC to sell my property?
- Does my Estate Agent need to advertise my property for sale in the local newspapers?
- Do I need to use a local Estate Agent to sell my house?
- Finding the best Estate Agent
- How do I choose the best Estate agent to sell my home?
- Shall I sell my home privately or sell using an Estate Agent?
PROPERTY VALUATION?
- Free online house valuation
- How to add value to your home
- How to value your property
- How you can use house price data to accurately value your home
CONVEYANCING?
- What is property conveyancing?
- Property conveyancing process for a house seller
- Property conveyancing process for a house buyer
- What about DIY conveyancing?
- How do I go about choosing the best conveyancer?
- Property conveyancing glossary: A guide to the commonly used terms in conveyancing
HOUSE REPOSSESSION
- Repossession process explained
- Ways to stop a repossession
- Where you can get help if you're facing repossession
- Mortgage Rescue Scheme
The Mortgage Rescue Scheme
The Mortgage Rescue Scheme
The Mortgage Rescue Scheme is a scheme that is sponsored by the government within the specific aim of helping those that are most vulnerable within our society if they are struggling to meet their mortgage payments and could end up losing their home unless they get help. The scheme has certain criteria and not everyone can apply.
How Do You Qualify For Help With The Mortgage Rescue Scheme?
To qualify for assistance with the Mortgage Rescue Scheme your home needs to be below a certain market value, which is set at different rates in different regions. To find out what the level is in your locality, you should contact your local council.
There is also a requirement that you may not own a second home. This will apply to any holiday homes either within the UK or abroad.
The balance of your mortgage must not be more than 120% of the market value of your home.
The total household income for your household has to be less than 60,000 pounds per year. This is the total income, so if you have grown up children, who are working, then they will also be counted as part of the household finances.
You also must have someone in your household who is deemed to be in priority need. This could be a pregnant woman, small children, elderly people or someone who has a disability or long term medical condition that means they are a high priority for help.
If a member of your household is in priority need and as such you are able to qualify for this scheme, then you will be obliged to meet with financial officers who are employed by your local authority (the council). They will also help to look at all your debts and your financial situation and see what can be done to help.
Mortgage Rescue Scheme and Registered Social Landlords
At this point the MRS will actually contact a Registered Social Landlord, so that they can give you specific help through either a Shared Equity Loan or a Mortgage to Rent Programme.
The Shared Equity Loan is a really helpful loan that is interest only and which you can use to reduce your monthly payments until you get them down to a much more manageable level. There is a condition that you need to have at least a (positive) 25% equity on your mortgage balance. In other words the balance of your mortgage must be less than the value of your home and your home has to be worth 25% more than the mortgage. If you do not have this then you will not be able to participate in the scheme.
The Government Mortgage to Rent Programme is a much more drastic solution and one that should only be considered as a last resort, before repossession. The Government will actually instruct a Registered Social Landlord to buy your home. You will then be allowed to rent it back at a rate that you can afford. However, you have effectively lost your home and you may well feel that this is something that you wish to avoid.