Govt Mortgage to Rent Scheme/Will it save my house?

fooman

we did not qualify because our house was worth more than 100k :mad:


So we have got on this one instead :beer:

http://www.direct.gov.uk/en/HomeAndCommunity/Keepingyourhomeevictionsandhomelessness/Mortgagesandrepossessions/DG_177639

and these banks etc are signed up for it.

http://www.direct.gov.uk/en/HomeAndCommunity/Keepingyourhomeevictionsandhomelessness/Mortgagesandrepossessions/DG_177637

Angiepange

fooman wrote: »

we did not qualify because our house was worth more than 100k :mad:


So we have got on this one instead :beer:

http://www.direct.gov.uk/en/HomeAndCommunity/Keepingyourhomeevictionsandhomelessness/Mortgagesandrepossessions/DG_177639

and these banks etc are signed up for it.

http://www.direct.gov.uk/en/HomeAndCommunity/Keepingyourhomeevictionsandhomelessness/Mortgagesandrepossessions/DG_177637

Thankyou again

Now I didnt know there was a cap on how much your house is worth?

Ours is prob worth around £140000 in which case we wouldnt qualify :mad:

Ok, I feel a bit like crying now but will go to Shelter tomorrow and get as much advice as i can.

Thanks to everyone who has posted on here, I dont know who else I can talk to :A

Angie x

fooman

Shelter is indeed the best people to speak to. They got us sorted 5 days before the bailffs were going to call :eek:

Been sleeping like a baby since last thursday :j

Reduced mortgage payments down from £1100 a month to £525 for 2 years to enable us to get back on our feet.

I know the defered intrest is added to the mortgage but a least we have a roof over our head for the next 2 years and its cheaper than renting.

fooman

Who can get help from the Mortgage Rescue scheme?

To be eligible for the scheme your household must include someone in 'priority need'. This could be:

• a pregnant woman
• someone with dependent children
• someone who is vulnerable because of old age or a physical or mental impairment

You’ll also need to meet the following criteria:

• your household earns less than £60,000 a year
• you don’t own a second home, including a home abroad
• the value of your mortgage (and any loans taken out against your home) is less than 120 per cent of the value of your home
• the value of your home isn’t higher than certain levels set for each region – ask your council about the level for your area
  

When you apply for the scheme, your local housing authority will talk you through some other criteria that you’ll need to meet.

scottishsodapop

ours was £152.000 in east lothian scotland were abouts are u angie

Miss_Poohs

Hi SSP - can I ask, how does your rent compare to the mortgage payment you used to pay?

Was your home bought by a local authority or a housing association?

Hope I don't sound all nosey?

scottishsodapop

HI mortgage was £410 and secured loan £475 which were both paid of on completion
local council now charge us £198 a month happy days

Miss_Poohs

WoW well done you, thats fantastic.

It must feel great to finally be at the other side now.

Angiepange

scottishsodapop wrote: »

ours was £152.000 in east lothian scotland were abouts are u angie

Hi sodapop

We are in Kent, glad it worked out well for you :j. Ax

UPDATE

Had Shelter appt this morning, although they were helpful with information re the mortgage rescue schemes because I had received advice from the CAB (prior BR) in the last 3 months, they recommended I should go back to CAB and speak to them about it.

So I have just come off the phone to the guy at CAB who deals with mortgage rescue and refers people to my local council. He was extremely knowledgeable and although there has been no-one accepted on the scheme yet in Kent and Essex he has just got 2 clients about to complete in the next 2 weeks but it has taken months to arrange. He also told me there were 80 re-possessions a week in my local court at the moment :eek: so there are alot of people out there needing help.

Success will depend on several things including the Lender, LHA, property, neg eq etc. !!! He said there will be lots of hurdles to get over but the important thing is he is going to help us :T He is due to speak to the main housing officer very shortly and will present our circumstances to him, as he said the fact we have had to go BR may mean they might consider us sooner rather than when we are facing re-possession.

Wow I cant tell you how grateful I am to CAB, ok we might not get anywhere with it all and I am used to getting my hopes up only to be crushed back down again but this guy will be helping me and it makes me feel like crying because for months and months I have struggled to get the right advice and help. Now, I will pull myself together and keep optimistic !!

Thanks to everyone who has posted advice and info on this, it really helps. I will up-date with progress (good or bad!!). Thankyou.

Angie x

dollparts

Am really pleased for you, hope is a mighty thing when the odds seem stacked against you.

Fingers crossed they will able to get it all sorted out for you:)