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Mortgage Rescue Scheme -anyone done this?
legacy69
Posts: 1 Newbie
Hi, money savers!
We are in a situation where we may lose our home since I had to leave work 2 years ago due to my disability. We are surviving on my husband's wage and have three children. We took out our mortgage 10 years ago when I was healthy and both worked full-time.
The last two years have been a massive struggle and we are close to defaulting on our mortgage. We are at our wits end, as to sell our house would mean two things. First, it is nearly impossible to find a house for around £60,000k within 20 miles of our area, and secondly, my family are close to me here and they are a huge amount of support to me concerning my disability.
We have discussed the Governments Mortgage Rescue Scheme with a housing officer, but it means giving up 10% equity (which is nearly all of it!) and not having the same rights as council tenants (i.e. we can be evicted without reason and will never be able to buy back or exchange properties).
Has anybody gone ahead with this scheme? if so, was it a good move or bad??
Would love to hear from you
Yours (in a muddle) legacy69
We are in a situation where we may lose our home since I had to leave work 2 years ago due to my disability. We are surviving on my husband's wage and have three children. We took out our mortgage 10 years ago when I was healthy and both worked full-time.
The last two years have been a massive struggle and we are close to defaulting on our mortgage. We are at our wits end, as to sell our house would mean two things. First, it is nearly impossible to find a house for around £60,000k within 20 miles of our area, and secondly, my family are close to me here and they are a huge amount of support to me concerning my disability.
We have discussed the Governments Mortgage Rescue Scheme with a housing officer, but it means giving up 10% equity (which is nearly all of it!) and not having the same rights as council tenants (i.e. we can be evicted without reason and will never be able to buy back or exchange properties).
Has anybody gone ahead with this scheme? if so, was it a good move or bad??
Would love to hear from you
Yours (in a muddle) legacy69
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