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

Angiepange

CAB phoned and want me to come in for an appt with their Housing adviser, so got that booked. Yippee!!

E-mailed and spoke to OR to see if they have any objection to us applying to this scheme as advised by CAB. Waiting to hear back.

Been gathering lots of info on the Govt Mortgage to rent scheme so feel more confident it could be right for us.

Spoke to my lender to tell them we are having difficulties. Unfortunately my lender doesnt participate in Mortgage Rescue schemes :rolleyes: as if they did I could possibly have been referred directly by them to the new Fast Track tream set up Sept 1st. This team will help fast track applications for the "Govt Mortgage to Rent" option of the MRS cutting down processing times.

So im maybe a little further down the long road to save us from re-possession but I feel like I have a mountain to climb yet!!

Angie x

Angiepange

I have my appt with CAB today to discuss and assess if we are suitable to apply for the Govt mortgage to rent scheme.

We are trying to avoid repossession of our home as since our income has dropped and we have gone BR, we are struggling to meet the mortgage payments. Our lender has agreed to reduced payments for 3 months but arrears are building.

This scheme is my last hope. If we dont get on it we will have to consider vol repo or forced repo.

Has anyone out there been successful on this scheme? I know the figures released in the press have been pretty low but thought that as its had longer to kick in there may be more homes saved by now? There has also been a Fast track dept set up by the govt beginning of Sept to make the process quicker. They aim to complete within 28 days. Apparently lenders can refer you to this dept if you are having difficulties but not all lenders will do this.

Im looking forward to my appt as I have been trying to get somewhere with this since the beginning of August. I need CAB to refer me to my local authority and go from there.

Ive had a letter from the OR offering us the BI depending on valuation (we are in NE) What we do about that will all depend on if we are successful on the scheme.

My emotions are in absolute turmoil with all this and I just need to know we are in with a chance. Its the uncertainty thats doing me in.

Angiepange

I have been waiting for what seems like forever (3 months!) for my appt with our local authority to apply for the Mortgage Rescue Scheme - 'Govt Mortgage to Rent option' and finally had the appt last Friday :j

We meet the necessary criteria and now our application goes ahead with info on us going to our lender and the local housing association that would purchase our house to rent back to us if we are successful.

I am keeping everything crossed as if we dont get on this scheme we will be facing re-possession. We are financially unable to sustain our mortgage any longer.

Again was just wondering if anyone out there is in a similair situation or has been successful with MRS?

Angie x

nervousmother

Thank you for keeping us up todate angie, good luck and I hope it works out ok for you x

confused76

i'm keeping everything crossed for you xx

Angiepange

Angiepange wrote: »

I have been waiting for what seems like forever (3 months!) for my appt with our local authority to apply for the Mortgage Rescue Scheme - 'Govt Mortgage to Rent option' and finally had the appt last Friday :j

We meet the necessary criteria and now our application goes ahead with info on us going to our lender and the local housing association that would purchase our house to rent back to us if we are successful.

I am keeping everything crossed as if we dont get on this scheme we will be facing re-possession. We are financially unable to sustain our mortgage any longer.

Again was just wondering if anyone out there is in a similair situation or has been successful with MRS?

Angie x

Well after a further 6 weeks of waiting it seems there has been some progress for us with our Mortgage Rescue Scheme application at last !

I had a call from our mortgage lenders MRS officer who has now received all our financial info etc from our local authority and he told me they 'fully support' the MRS scheme and will be liaising with the LA to progress our application as the last thing they want to do is repossess our house. I asked him about the Fasttrack team and he said we are now at the stage we would be if we had been fast tracked originally.

He said he could see from our CAB financial statement that we have a deficit and clearly cannot afford our mortgage. He also told me the arrears on the mortgage and any interest on the arrears will now be frozen pending the outcome of our application.

We are not in the clear yet by a long shot as there are still many stages to get through but I am feeling more optimistic than I have been in a long time. We have informed our OR that we are applying for the scheme (not had a response yet though) and I had the chance through a contact of mine who works for a different LA and has done several MRS (including a bankrupt family) to speak to the OR (not mine!) she liaises with. He kindly read me their guidelines from their manual about MRS and it looks like we shouldnt have a problem there.

So all in all I am hoping we are successful and we will be able to stay in our home renting it as tenants of our local housing association. The alternative - eviction or vol repo.

philnicandamy

well done angie...its all sounding very positive

confused76

fingers crossed, sounding good! xx

Angiepange

I was just reading this back and cant believe its been 6 months since I have been trying to get us on the Mortgage Rescue Scheme, Mortgage to rent option.

We are now at the stage where all the documentation needed has been forwarded to the Local Housing Assoc by our Mortgage Rescue officer at the local authority. This hasn't been straightforward and I have had to ring our mortgage co. a few times requesting documents which were then faxed to the council. Luckily the mortgage co. have been v supportive and efficient in providing info we need.

I spoke to our MR officer yesterday and he stressed that we do meet all the criteria for the scheme and hopefully now that it is all in the hands of the LHA we should be hearing something soon. So fingers crossed.

On an emotional level I seem to be in a permanent state of stress over it all worrying about being evicted if it all falls through However I thought I would update here in case it might help anyone else going through mortgage rescue or maybe if there is anyone out there at a more advanced stage than me they might share their progress, good or bad?

Angie x

willy70

My Partner is going through something similair Angie only she is on the fast track scheme, things seem to be going quite well so far for her with no hiccups at this stage, she is now at the stage where the local housing authority are coming to survey the house she's had one survey done for the bank and had the valuation now it seems the housing Authority want their own done this is happening today so will find out more later, she applied for the rescue scheme in late december but things have been moving pretty quickly since then..