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

notfunnymoney

Hi Angie, thanks for getting back to me, can always rely on you! So nice to be able to talk to someone who knows EXACTLY what I'm feeling - my Mum knows everything and couple of other relatives are aware of whats going on but without sitting for hours boring them with all the details of MRS and just how much each stage takes it's toll, it's hard for anyone else to completely understand - as I'm sure you found too?!!

I'm just so thankful to have some kind of timeline now - going for mths without knowing if and when any of this will happen to now knowing we're gonna know very soon is such a relief - even if is bad news, at least we'll know and can start thinking about what to do next.... I'm guessing that would mean repossesion - which I know nothing about and won't riddle my mind with until I have to!!

Altho I keep having dreams and think of this all goin thru all the time - I still have little doubts that scare me - that they're gonna find something really obscure that means they can't do it.... but just gotta stay strong and wait - again - cos there's nothing more I can do... knowing me, I bet even if we did get offer letter and it was all goin thru, I'll still worry about something going wrong between then and completion - I know I shouldn't but I've always been a bit of a "signed, sealed, delivered" type person, ha!!!

I will def come on here when we find out so watch this space!!

Thanks for your kind words and support Angie!!

H x

Angiepange

notfunnymoney wrote: »

I will def come on here when we find out so watch this space!!

Thanks for your kind words and support Angie!!

H x

Rooting for you H and thank you too. I won't be around on the forum for a while (personal reasons) but am subscribed here (obviously ) so when you have any news or just another question for me, I will see it and only too pleased to be able to help.

You are so right, all the hurdles and stresses of mortgage rescue and in our case BR too, drain you completely and if Im really honest, Im still feeling the effects and part of the reason I need a break.

Right up until completion date I was always thinking something else will go wrong, but looking back, once that offer is made I think it would take alot for the RSL to pull out.

Everythings crossed and Im waiting for the outcome you deserve :A.

Just to add, for us its 3 months post completion and all is going smoothly. Still waiting on a date for the major building work they will do, not sure when thats happening. No problems with the rent side. At the moment I ring up and pay weekly by debit card but there are other options too. If I ever need to speak to the Housing Assoc they are always friendly and helpful (rather laid back really which I find quite funny!!)

Another plus is they have their own welfare benefits person who you can speak to for info if you need.

Take care H and if anyone is looking in either under threat of repossession or struggling to pay the mortgage, have a look at this link as a starting point for advice

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Mortgagesandrepossessions/DG_174005

http://england.shelter.org.uk/get_advice/repossession/mortgage_arrears/government_mortgage_rescue_scheme


Angie x

notfunnymoney

WE'VE GOT OUR OFFER LETTER!!!! Been watching post/emails/phone for the last couple of weeks and yesterday a plain envelope letter came thru the post - I always assumed it would have RSL logo on it but this one just looked like another "money chasing letter" - but low and behold it was the letter we've been waiting for for MONTHS!!! I still can't really believe it and altho this is a massive piece of news, as we've said before we just can't celebrate yet until it's all signed, sealed and delivered!! Not sure how long that will take, I've read completion can take anywhere between 6-12wks and can't help thinking that the solicitors must get a lower payment from RSL that they'd get from private sale so does that mean our's will be the case that's always left at the bottom of the in tray?!

Hope you're ok Angie, understand why you might need to get off this forum for a bit - it was your life for so long and altho your help and advice has been invaluable to me and others, your horrible MRS experience is behind you now and you need to go on and enjoy life MRS free!! There is already a WEALTH of info on this 24page thread for people to read anyway!!

Obviously I will keep you posted about how things go from now.... just hope it's not a too long a wait!!!

H x

confused76

that's great news notfunny... please let us know how long it takes to complete...what a relief for you xx

Angiepange

Woohoo :j:T:T Fanatstic news H :)

notfunnymoney wrote: »

WE'VE GOT OUR OFFER LETTER!!!! Been watching post/emails/phone for the last couple of weeks and yesterday a plain envelope letter came thru the post - I always assumed it would have RSL logo on it but this one just looked like another "money chasing letter" - but low and behold it was the letter we've been waiting for for MONTHS!!! I still can't really believe it and altho this is a massive piece of news, as we've said before we just can't celebrate yet until it's all signed, sealed and delivered!! Not sure how long that will take, I've read completion can take anywhere between 6-12wks and can't help thinking that the solicitors must get a lower payment from RSL that they'd get from private sale so does that mean our's will be the case that's always left at the bottom of the in tray?! Yes we were told 3 months tops for completion, ours only dragged on because of the shortfall situation. My experience of the solicitor though was fine. Don't be afraid to contact them whenever you need to, you won't be low priority but it does help to make them aware you are waiting. I kept in contact by email with mine and spoke on the phone when necessary. Sometimes it can be a case of 'who shouts the loudest' in this procedure !!!!

Hope you're ok Angie, understand why you might need to get off this forum for a bit - it was your life for so long and altho your help and advice has been invaluable to me and others, your horrible MRS experience is behind you now and you need to go on and enjoy life MRS free!! There is already a WEALTH of info on this 24page thread for people to read anyway!! Thanks H, Im fine. Im dipping in and out really. Have made some lovely friends on this forum and its nice to keep in contact. Im so pleased you have found help and advice from this thread. :j

Obviously I will keep you posted about how things go from now.... just hope it's not a too long a wait!!! Update when you can H, you are often in my thoughts and I am over the moon you now have that Offer letter at long long last...FANTASTIC xx

H x

Angie xxxx

notfunnymoney

Thanks Confused76 and Angie!!

Spoke to IFA this morn (we have to speak to one before they can proceed!!) and he's done all the things he needed to do - which wasn't much, was a 10min phonecall and he said before I did, what a pointless task it was cos as if you're gonna get financial advice and decide NOT to proceed!! Then called our solicitor who sounded really nice and sounded keen to get things moving along saying "I'm very aware that by the time most MRS get to me, people have been waiting a long time already" - at last, someone who understands the process!! I asked her to email me the forms she wants to me to fill in as it will be quicker to do that, print off here, fill in and scan them to email back - she agreed.... but then hasn't sent them to me today!!! I'll give her till 4pm tom (when in from work) and phone "just to see if she took down my email address correctly".....hehehe!!!

She also muttered under her breathe something about having to get stuff done quickly cos they only have till 31st March.... I was kind of talking over her at the time and didn't really ask what she meant but I'm wondering if they've been told they have to do it in a 2mth turnaround time, being that it's exactly 2mths today (31st)?! Or they wanna get the money in before the end of the tax yr maybe?! I'll have to ask her what she meant?!

Anyways, I'll keep you posted and thank you, thank you, thank you soooooo much for all your support, really helps!!

H x

no_pennies

have just read this thread from the begining what a journey angie ive been stessed just reading this ,bless you i can feel your relief

im now inspired to ring the council on monday and see if we are eligable hope so but our luck hasnt been brill lately

just a few questions to all you experts on here - does anyone know if the halifax are in support of mrs ? and do you have to be in arrears for this to move forward and had to have tried everything regarding paying the mortgage
also we have equity in the house would we loose this
thanks in advance for any relies

notfunnymoney

Hi no pennies, I THINK I've kinda got some good and bad news for you.... I say think cos I really don't know the full details on this but I've heard that the Gov funding for MRS is stopping by 31st March this yr.... if this is true (and no more funding being set up) then it means it would not be likely you'd get to a point the scheme before that date - you can see how long it's taken us on here!! I got told this by my solicitor - which freaked me right out cos it meant if ours wasn't completed by then it might fall thru - but I've been told by RSL that as ours is a project in progress then it would prob be fine..... However, I would say google all the latest info you can get and still phone your local council to see what their take on it is - they might be more in the know than us mortels!!

Feel kinda bad saying I've got good news now but IF you could start the process with the council and it did go thru then this would be the answer to your questions above.... you do have to have been thru everything poss with your Lender - we'd been thru payment holidays/short-term interest only, arrears etc and MRS is seen as the last resort.... the completion of MRS is the same as any house sale, they make you an offer, you accept and solicitors are appointed to complete the contract of sale - so any equity you had, once you'd paid the 3% charge to the RSL/paid of your mortgage etc would then be yours.... luckily we're in this sitch and it means we'll be able to pay off all debts with the equity we have - but most people in this scheme appear to either have little or no Eq, being in neg eq....

I'm so sorry to potentially be the bearer of bad news to you but only going on what I've been told and I would still urge you to check this out and see what might be happening in the future - maybe it's something to do with the new tax yr or something?!

Good luck and hope you get something sorted either way...

H x

Angiepange

no_pennies wrote: »

have just read this thread from the begining what a journey angie ive been stessed just reading this ,bless you i can feel your relief

im now inspired to ring the council on monday and see if we are eligable hope so but our luck hasnt been brill lately

just a few questions to all you experts on here - does anyone know if the halifax are in support of mrs ? and do you have to be in arrears for this to move forward and had to have tried everything regarding paying the mortgage
also we have equity in the house would we loose this
thanks in advance for any relies

Hi no pennies and welcome

Its a long thread but glad to hear you are inspired to look into the MRS. Its worked great for me (albeit a long old struggle!!), and you are doing the right thing by contacting your council tomorrow to make enquiries into the scheme. They should be able to advise on your eligibility.

I dealt with Moat in the South East, so can only advise on their procedures. Other Registered Social Landlords may do things slightly differently and I must also say, with the new Govt, I am unsure if the scheme has been modified in any way since I went through it.

There are two parts to the scheme, the shared equity part (, which I don't have experience of) but to be eligible you need to have between 25% and 40% equity in your home.

And the Govt Mortgage to Rent, which I went through. We are now tenants in what was our home, and pay rent to Moat who own the house.

To try and answer your questions

1. I do not know if the Halifax support mrs. You could ring them and ask. I rang my lender originally and was told they don't support the scheme. But don't be put off if you are told this initially. I had to go through several depts before I got to someone who dealt with mrs and its annoying that I was wrongly told in the first place. Also the council mrs officer dealt with the lender on my behalf too, and that helped having an official person step in.

2. You don't have to be in arrears for this to move forward but you do need to be in difficulty or about to have difficulty in paying the secured borrowing. Have you spoken to your lender and found out if they can help? You will be in a stronger position if you have explored all options they can offer. Our lender would only allow 3 months on a reduced payment plan and then wanted any arrears back over the following 6 months.

3. You wouldn't lose your equity. To take part in mrs you have to make a contribution from the equity in your home. This would be 3% of the value of your home. Your equity contribution will be taken away from the price the RSL will pay for your home. Any equity left would need to be used to pay any other debts you might have secured on your home.

Hope Ive helped in some small way and didn't want to overload you too much! Once you have spoken to the Council hopefully you will be in a clearer position as to where you stand. You could also try Shelter too for advice
http://england.shelter.org.uk/get_advice/repossession/mortgage_arrears/government_mortgage_rescue_scheme

And of course the CAB.

Good luck and let us know how you get on. If MRS is the way you go, will do all we can to help and support you

Angie x

Angiepange

notfunnymoney wrote: »

Hi no pennies, I THINK I've kinda got some good and bad news for you.... I say think cos I really don't know the full details on this but I've heard that the Gov funding for MRS is stopping by 31st March this yr....

Posted at the same time as you H !!

O dear I hope this isn't the situation Are there any debt advisors looking in that might clarify this for us?