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Govt Mortgage to Rent Scheme/Will it save my house?
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Hi willy70
Thats fantastic news, thanks for sharing that. Your partner must feel so relieved, im so pleased for her.
Im still waiting to hear, hold up at the moment is that housing assoc want the mortgage co. to threaten repossession but the only reason they haven't threatened repo is because they are waiting on outcome of mortgage rescue which they have said they fully support!!! So I think I am in a bit of a jam with it all.
I have been promised by HA that they will be talking to mortgage co this week to sort it all out and progress our case.
Will update when I can. But again its great to hear a positive outcome for your partner.
Angie x0 -
UPDATE
Well its 7 months to the day almost since I first approached advice agencies for help with getting on the Govt Mortgage Rescue Scheme.
I have just found out today that to progress our rescue our local housing association need a letter threatening us with repossession from our lender. Some LHA's need this letter others don't apparently to move forward, and I have been told its a good thing they are following the rules and doing it all 'by the book'.
Our lender has told us they have to wait until our next payment is due, which is end of April and they will then be issuing us with 'the letter'. Once we get this we need to send a copy to our LHA and they will then progress our case.
So another 3-4 week wait before any progress will happen.
Im trying to look on the bright side, at least we still have a roof over our heads for the forseeable future. On the down side the waiting and the uncertainty of what will happen is really doing my head in and I veer from being ok one minute to crying my eyes out the next!!
Going/still going through BR has been bad enough emotionally. I hope when we finally get a decision on the mortgage rescue whether its good or bad I can move on from all these feelings of stress and worry.
Angie x0 -
Angiepange wrote: »UPDATE
Well its 7 months to the day almost since I first approached advice agencies for help with getting on the Govt Mortgage Rescue Scheme.
I have just found out today that to progress our rescue our local housing association need a letter threatening us with repossession from our lender. Some LHA's need this letter others don't apparently to move forward, and I have been told its a good thing they are following the rules and doing it all 'by the book'.
Our lender has told us they have to wait until our next payment is due, which is end of April and they will then be issuing us with 'the letter'. Once we get this we need to send a copy to our LHA and they will then progress our case.
So another 3-4 week wait before any progress will happen.
Im trying to look on the bright side, at least we still have a roof over our heads for the forseeable future. On the down side the waiting and the uncertainty of what will happen is really doing my head in and I veer from being ok one minute to crying my eyes out the next!!
Going/still going through BR has been bad enough emotionally. I hope when we finally get a decision on the mortgage rescue whether its good or bad I can move on from all these feelings of stress and worry.
Angie x
Can't believe it's taken all this time, for your lender to send out there letter to you,when they know full well what route you are going down! Lets hope within this 3-4 weeks time you have answers.
Thinking of you all, and you know where I am, if ever you need/want someone to talk to, will reply to email soon hun. Big hugs to you both. xx0 -
Aw! Angie, I am sorry it's taking so long.....but look head up, you waited 7 months another 4 weeks will be fine. Is been along road for you but were all on it with you. Sending lots of strength and energy for the weeks ahead and any time you want to send me a pm do.
Lots of love
If...x"If wishes were horses, then beggars would ride"
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Can't believe it's taken all this time, for your lender to send out there letter to you,when they know full well what route you are going down! Lets hope within this 3-4 weeks time you have answers.
Thinking of you all, and you know where I am, if ever you need/want someone to talk to, will reply to email soon hun. Big hugs to you both. xx
Thanks so much Sam for all your support and its great to chat on MSN now too, who'd have thought I would make such a great friend through this forum, just a shame we live so far away from each other!! xxifwisheswerehorses... wrote: »Aw! Angie, I am sorry it's taking so long.....but look head up, you waited 7 months another 4 weeks will be fine. Is been along road for you but were all on it with you. Sending lots of strength and energy for the weeks ahead and any time you want to send me a pm do.
Lots of love
If...x
If, thankyou so much for your very kind words, I am going to try and focus on other things until the end of the month as mortgage rescue has dominated everything!! At least we are still in our home for now. Will update soon and good luck to everyone who is going through the process and has been kind enough to post on here and share their experience.
Angie x0 -
Hi all,
Here are the latest statistics for the Mortgage Rescue Scheme: http://www.communities.gov.uk/documents/housing/xls/1462599.xls
The figures appear to show that successful applications and interest in the scheme continue to rise.
Wishing you all the best with your application Angie
NED-CABVisit our website at www.ned-cab.org.uk or find your local CAB.
Other non-profit debt advice services:
National Debtline: 0808 808 4000
Consumer Credit Counselling Service (CCCS): 0800 138 11110 -
Hi all
I've never posted on here before but I'm always reading up on bankruptcy advice which has been invaluable. I just wanted to let you all know that we applied to our local council a few weeks ago for the mortgage rescue scheme - after finally getting our appt we were told our house is probably worth £20K over the amount for this area (Notts) and that we need to get two valuations asap to say our house is worth £155 or £160K max then we have to go back to the council and see what happens next. We have two estate agents coming round to value the house on Wed and Fri this week so fingers crossed they say our house is worth what they want it to be.
Thanks for listening.
Denise0 -
Hi windowbox
Just wanted to wish you luck with your application. Are you going for mortgage to rent option or shared equity scheme? I understand there is a set cap on the value of properties that might be accepted for mortgage rescue. In my area South east it is capped at £235000.
I hope your valuations come in at what you need to proceed. I am just going through the process but it has taken me nearly 8 months of phone calls, emails, appts and research to get to the stage we are at now. Some others on here have had a quicker experience fortunately.
All the best for this week and thanks for posting.
Angie x0 -
Hi Angie
I have been following your journey and my interest has been further pricked as after speaking to our local council housing options team. I was originally contacting them to see if they could point me in the direction of any good private landlords - cos for the life of me I am not having much luck finding many round here.
The lady I have been speaking to was pushing the MRS to me, and yes it does seem a good idea as it would mean that we didn't have to move (all that upheaval, etc), but we are already 1 month in arrears as we were advised by the CCCS to not pay the mortgage, save it and move out (which we are trying very hard to do). Is the MRS affected by the mortgage being in arrears? Our financial situation is that we can afford the mortgage but its a struggle but could not afford to sit and wait to see if the MRS went thru and still save to move into a rented property if necessary - if we pay the mortgage we are stuck!
Hubby and I had accepted we are going to move out of this house, and feel quite happy to do that. The thought of staying has put me right on my head! Neither of us particularly "love" this house, but it would be simpler to stay, as we have pets and our children are in school nearby.
I am in all of quandry now!Donna
Economy; careful management; providence. Whether you call it thrifty or frugality it all comes down to getting more for your money.0 -
Hi Diddly
Having arrears has had no effect on our MR application. We have been paying what we can afford towards our mortgage (not full payment) for the last 8 months while the MR application has been underway. In fact I was told 'unofficially' that if we had stopped paying it altogether we might have gone through MR quicker, but the way I look at it now is, hopefully we are showing the housing assoc we are 'good tenants' and are paying what we can afford each month.
Your lender will have needed to 'exhaust all hardship tools' ie put you on interest only or look at how else they can reduce your payments. We took advice from CAB who devised a budget for us to show both the council and the lender that we could not afford our mortgage and we met all the criteria.
You are saying its a struggle to pay your mortgage so I cant see why you would be unable to apply. Our application began through CAB who did the budget and then sent it all in to the council. When we got the appt with them, they spoke to our lender who agreed it would be an ideal solution to avoid repo. In our case we had the lender fully supporting the MR and the council also fully supporting it although it took a while to get to this stage.
A quicker route is to be referred by your own lender to the fast track team who deal with MR. Our lender doesnt do this so we have had to go the long way round.
There is so much information I could give you, too much to put on here but I would be willing to email you if you would like?
I was contacted many months ago after posting on this site by a local authority MR officer from another area who has been invaluable in giving me advice and help with my queries along the way.
As you have said, moving out is an upheaval and we also have 2 teens and a dog and we really want to stay in our home, although we will be renting and not 'own' it any more.
I think you need further advice from CAB/Shelter. That would help you consider all your options. If I can answer anything else just shout.
Angie x0
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