Government Mortgage Rescue Scheme...am I eligible

homeworkgirl

Is there anyone out there who has a working knowledge of this scheme please that could advise me on a point about the criteria.

I have just read up brief details about it on the Direct.Gov website and downloaded their leaflet and I do meet the criteria so far as I have a dependent child in full time education etc. As I have more than 40% equity in my house I understand that I am not eligible for the shared equity scheme but it is the mortgage to rent scheme that I am interested in. I am just wondering if the fact that I have approx 60% equity in the property would stop my eligibility and also the fact that I am out of work and on JSA....although I should end up with a fair sum after paying off the mortgage and debts, would they view it that I would be unable to fund the rental payments? I believe I might qualify for housing benefit but unless the rules have changed I was told when I nearly sold through sell and rent back schemes that I would have to wait five years before I could start claiming. Maybe it is different as its being done through the local housing authority?

I know I will probably end up having to book an appointment to see someone at the Council anyway, but when I did this about a year ago to find out my housing options, it took absolutely ages and turned out to be a complete waste of time so I am basically trying to find out if I stand a chance of getting on the scheme or not before I go through all that again.

Oops! I do apologise as I have just seen there is a special thread about mortgage rescue....please feel free to move this post.

Many thanks.

homeworkgirl

anyone please??

Angiepange

Have you tried contacting Shelter or Citizens Advice Bureau? They may be able to advise you on elegibility?

I am currently near completion of the mortgage to rent option on the Govt mrs but I am not sure how to advise you myself. Our property is in negative equity so opposite to your predicament.

Good luck though.

homeworkgirl

Hi, thanks Angiepange, I have been following your thread on your experience of the scheme and I really hope you get that much deserved completion soon.

I was rather hoping that someone from CAB or another organisation who deals with applications might see this thread and could let me know whether or not they thought it was worth me applying. I have a feeling that the amount of equity I have might stop me from getting on the scheme.

Thanks for kindly replying.

willing2learn_3

Well, my mum has just been told she doesn't qualify for the mortgage to rent part of the scheme - due to her equity in the property. Although this isn't enough equity for her to buy another home if she sold...

Getting to this point was relatively easy though, not much you had to do, apart from a couple of home visits. it's just important not to get your hopes up. My mum did as they gave her the impession that it would work.