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

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  • Angiepange
    Angiepange Posts: 3,521 Forumite
    Part of the Furniture Combo Breaker
    Well I seem to have a bit of progress! Spoke to lender friday and got through to a lovely woman who knew all about MR and understood that we needed the 15 day notice letter to start the ball rolling. She said she would have to check with her boss and would get back to me on sat am. Got the call and she has put the letter in the post:T. So once that arrives I can start hassling to get things moving. So feel a bit brighter about things at the moment x

    Angie, thank you for your post about the scheme not finishing.......feel much calmer now!

    :T:j Thats great news Sillygirl.

    Once that letter is received by the HA it is the trigger for the rescue to commence. You're on your way, woohoo :D

    Keep us updated and GOOD LUCK x
  • That's great news sillygirl!! Yes that def is the trigger letter - my LA didn't take it at first cos said we "weren't being repo'd and didn't have a court order" but luckily my CAB counsellor had read up on it and as long as you're "at risk of repo" then that meets the criteria!

    Have you been to CAB yet and done all that bit there - ie looking at your income/expenditure, getting an official Financial Statement drawn up etc - cos it's them (or another "money advice agency") that need to do their bit for the LA before they can proceed with their bit and then, all being well, forward your case to be processed by the RSL.... sorry if I'm teaching you to suck eggs but I'm not sure how far you are along?! If you haven't done the CAB bit yet, get that booked and underway asap - at least it's something you can be doing while the LA sort out their side of things! Ooo just one other thing, have you checked the main criteria with the LA - what is their cut off value of properties in your area - one of the main things to find out first and make sure your home comes in at under that value - just call LA and find out, someone should be able to tell you over the phone!

    Keeping everything crossed for you! Keep us updated!!

    H x
  • Angiepange wrote: »
    Hi all :wave:

    I know we have been wondering over the last couple of weeks if the Mortgage Rescue Scheme is ending by March 31st.

    I have had some information from a VERY reliable source. It is as follows:
    'MRS in it's current format does end in March as it was only originally set up for a 2 year scheme, however, MRS 2 then takes over for another 2 years, with a third year 'mop' up period. I think the grants towards decent homes etc will be cut a little and criteria around under occupancy will tighten up but most things will remain the same'
    Hope this might help anyone considering the scheme as an option if they are facing repossession.
    Good websites to get further info are here:
    The website below I haven't seen before but seems to contain alot of information so may be worth a read too?
    And not for the faint hearted!! This website (originally found by notfunnymoney ) contains a link to the 'Mortgage Rescue Toolkit' 126 pages to plough through :cool: but a very thorough and in-depth guide to the stages of the scheme.
    Good luck everyone and keep us updated if you can :)

    Angie :)

    Hi Angie - just wanted to check you got my pm reply cos can't see it in my sent items??!!

    H x
  • Angiepange
    Angiepange Posts: 3,521 Forumite
    Part of the Furniture Combo Breaker
    Hi Angie - just wanted to check you got my pm reply cos can't see it in my sent items??!!

    H x

    Hi H :wave:

    I did get your PM reply, thank you:A

    If I can find out that info for you I will xx
  • Thanks hun! Speak soon!x
  • That's great news sillygirl!! Yes that def is the trigger letter - my LA didn't take it at first cos said we "weren't being repo'd and didn't have a court order" but luckily my CAB counsellor had read up on it and as long as you're "at risk of repo" then that meets the criteria!

    Have you been to CAB yet and done all that bit there - ie looking at your income/expenditure, getting an official Financial Statement drawn up etc - cos it's them (or another "money advice agency") that need to do their bit for the LA before they can proceed with their bit and then, all being well, forward your case to be processed by the RSL.... sorry if I'm teaching you to suck eggs but I'm not sure how far you are along?! If you haven't done the CAB bit yet, get that booked and underway asap - at least it's something you can be doing while the LA sort out their side of things! Ooo just one other thing, have you checked the main criteria with the LA - what is their cut off value of properties in your area - one of the main things to find out first and make sure your home comes in at under that value - just call LA and find out, someone should be able to tell you over the phone!

    Keeping everything crossed for you! Keep us updated!!

    H x

    Hi H,
    Fortunately we did all that last year when we made our initial application. Our situation has not changed so hopefully it will just be a question of tweaking. Our house value is well below the cut off, so it should be all systems go!!:)
    Not as silly as I was thanks to MSE:)
  • Oh brilliant so you really all ready to go if everyone else around you can also get their bums in gear, ha!!! Keep us updated!

    H x
  • Angiepange
    Angiepange Posts: 3,521 Forumite
    Part of the Furniture Combo Breaker
    Angiepange wrote: »
    Hi H :wave:

    I did get your PM reply, thank you:A

    If I can find out that info for you I will xx
    Thanks hun! Speak soon!x

    Hi H,

    I have some information for you about MRS, sending by PM. Can you let me know if you get it ok? I know you mentioned you had some problems with your PM's previously.

    Thanks, hope its all going smoothly x
  • Just an update on our progress.

    We've had one more blip - choosing a solicitor.

    Our RSL Orbit supplied a list of solicitors as part of our offer pack. The firm we used when we bought the house wasn't on it and we had 2 to choose from in our local area. We contacted the one that would be most convenient if we had to call in and sign forms, etc., but got a shock when their pack came through. This firm charges more than the amount allocated by Orbit and we would have paid almost £200 out of our own pocket.

    I contacted Orbit and was told that they'd never come across a client who had to pay some of the legal fees themselves, but (a) no previous client had used that firm and (b) the list of solicitors provided was not specifically for MRS clients and was supplied to any client who required legal services e.g. right to buy or shared ownership.

    So we changed to the other local solicitor who confirmed all costs are met from the amount allocated by Orbit and all systems were go. BTW there was a rush to get our application through in this financial year.

    So watch out for the cost of the solicitors. ;)

    I've asked for confirmation about a couple of things, but now we are at the stage where we are waiting for a completion date.

    Nerve racking at every stage.
  • Angiepange
    Angiepange Posts: 3,521 Forumite
    Part of the Furniture Combo Breaker
    Just an update on our progress.

    We've had one more blip - choosing a solicitor.

    Our RSL Orbit supplied a list of solicitors as part of our offer pack. The firm we used when we bought the house wasn't on it and we had 2 to choose from in our local area. We contacted the one that would be most convenient if we had to call in and sign forms, etc., but got a shock when their pack came through. This firm charges more than the amount allocated by Orbit and we would have paid almost £200 out of our own pocket.

    I contacted Orbit and was told that they'd never come across a client who had to pay some of the legal fees themselves, but (a) no previous client had used that firm and (b) the list of solicitors provided was not specifically for MRS clients and was supplied to any client who required legal services e.g. right to buy or shared ownership.

    So we changed to the other local solicitor who confirmed all costs are met from the amount allocated by Orbit and all systems were go. BTW there was a rush to get our application through in this financial year.

    So watch out for the cost of the solicitors. ;)

    I've asked for confirmation about a couple of things, but now we are at the stage where we are waiting for a completion date.

    Nerve racking at every stage.

    Hello NN :)

    Thanks for the update on your progress with mortgage rescue. Good to hear you are at the solicitor stage now and thanks for the warning over costs.

    When we went through it, we were given a list of 5 solicitors all experienced in MRS. They worked to a negotiated rate and we were told that costs up to a maximum of £375 + vat were covered.

    When I eventually got the solicitors completion statement through this all tallied in, coming out at £440 (inclusive of VAT), just as expected.

    I am really pleased you are awaiting completion now too :T

    For anyone thinking of Mortgage Rescue, the scheme is continuing and is a serious option to consider if you are facing repossession.

    Although my experience of the scheme and others on here too, has been sometimes fraught with difficulties, through lack of information, support, red tape etc I would like to say that I am still grateful every day that we have been able to remain in our home, albeit as tenants.

    I feel secure knowing we have a 3 year assured shorthold tenancy. And as long as we pay the rent and don't cause any problems there should be no reason our tenancy can't continue after the 3 years is up. I have found our RSL (Moat) a pleasure to deal with so far.:)

    Mortgage rescue isn't for everyone and I appreciate that sadly there are many properties/owners that don't fit the necesary criteria. I really wish the scheme was more accessible and could benefit more people in mortgage difficulties or under threat of repossession.

    Angie
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