Government Mortgage Rescue Scheme (MRS) - Which LA, Lender & HA?

NellieNewbie

More and more posts are being started about the Government Mortgage Rescue Scheme (MRS) (mortgage to rent) and whilst it is great to read about the different experiences, I wondered if people who be willing to share some basic information about the process on one thread?

What I had in mind was if we shared which local authority we are under, who our mortgage lender(s) are and which Housing Association (if any) is involved - and our basic experience of each (e.g. great, okay, hopeless, etc.)

I'm at the very start of the process and I hope to meet with a Housing Options Officer at Nuneaton & Bedworth Council within the next 10 days.

Our mortgage is with HBOS and we have a secured loan with Central Trust.

If we get accepted on to the scheme, Orbit Housing Association will be involved.

I'll post on here sharing my basic experience with each organisation and I hope others will join in, so we start to get a snap shot of how well it is working, or what we could be up against.

DarkConvict

These forums maybe more suitable for your topic.

The Mortgages & Endowments Board http://forums.moneysavingexpert.com/forumdisplay.php?f=15
The Mortgage-Free Wannabe Board http://forums.moneysavingexpert.com/forumdisplay.php?f=98
The House Buying, Renting & Selling Board http://forums.moneysavingexpert.com/forumdisplay.php?f=16

NellieNewbie

DarkConvict wrote: »

These forums maybe more suitable for your topic.

The Mortgages & Endowments Board http://forums.moneysavingexpert.com/forumdisplay.php?f=15
The Mortgage-Free Wannabe Board http://forums.moneysavingexpert.com/forumdisplay.php?f=98
The House Buying, Renting & Selling Board http://forums.moneysavingexpert.com/forumdisplay.php?f=16

Thank you. I did think about the first and third of these boards, but most of the existing MRS threads are by people in financial difficulty (e.g. some on the Bankruptcy thread). My other reason for posting on this board is that this is a 'don't judge' board and the others are open to all opinions.

If the mods think it should be moved, then I'm happy to go along with that decision.

DarkConvict

I actually have no idea what the MRS is, but i assumed it was to do with mortgages. If it is for those in hardship then here is a good place.

Broken_hearted

DarkConvict wrote: »

I actually have no idea what the MRS is, but i assumed it was to do with mortgages. If it is for those in hardship then here is a good place.

It sounds like a cheap way for housing associations to get stock. I could be wrong just glad I am nearly mortgage free.

NellieNewbie

DarkConvict wrote: »

I actually have no idea what the MRS is, but i assumed it was to do with mortgages. If it is for those in hardship then here is a good place.

Definitely about hardship -

The Mortgage Rescue Scheme has been put in place by government to help the most vulnerable homeowners facing repossession to remain in their home. It aims to help those families with dependent children, elderly and vulnerable groups at risk of repossession (that is, their lender is actively seeking possession of the property through the courts) who can no longer afford their repayments, and who would be entitled to homelessness assistance if repossessed.

dancingfairy

AngiePane on the bankruptcy board is getting to be a bit of an expert in it - all the twists and turns of it all - she knows more about it than most. It has taken her a year I think and she still does not know if it will all work out for - truly heartwrenching.
https://forums.moneysavingexpert.com/discussion/1930931
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NellieNewbie

dancingfairy wrote: »

AngiePane on the bankruptcy board is getting to be a bit of an expert in it - all the twists and turns of it all - she knows more about it than most. It has taken her a year I think and she still does not know if it will all work out for - truly heartwrenching.
https://forums.moneysavingexpert.com/discussion/1930931
df

Thanks, I've been posting on that thread and been in touch with Angie.

For this thread I was thinking more along the lines of what is the general response/reaction/service you got from your LA, lender and housing association. The interim report on the scheme has just been published today and it explains that homeowners have very different experiences according to which LA they come under and who their lender(s) are. I thought it could be useful to know which areas seem to manage the scheme well and which don't. I'm not really looking for people to describe their whole journey as such on here.

NellieNewbie

Broken_hearted wrote: »

It sounds like a cheap way for housing associations to get stock. I could be wrong just glad I am nearly mortgage free.

Maybe it is, but as a homeowner in difficulties, I don't really care about that tbh.

Broken_hearted

NellieNewbie wrote: »

Maybe it is, but as a homeowner in difficulties, I don't really care about that tbh.

Be very careful that is all I'm saying.

NellieNewbie

Broken_hearted wrote: »

Be very careful that is all I'm saying.

Thanks - we will be. There are many hurdles to jump, but in our circumstances it would be the best solution to our problems. We've sought plenty of advice and although my user name implies I'm a newbie, it's the ID that's new rather than our circumstances.