Councils abandoning cash incentive schemes...!!!

An advance warning that many councils are considering abandoning cash incentive schemes - where they give tenants £10 - 35K to give up their secure tenancies and buy on the open market and instead ploughing this money into mortgage rescue schemes

This is unlikely to come onstream until financial year 09/10 but if you are consideing cash incentive scheme to help you on the property ladder then act now

But beware, property prices are falling and so even with the cushion provided by the cash incentive scheme, you could still end up in negative equity

The council I work for was discussing this today and many more are considering it

Details of mortgage rescue schemes are still sketchy but if you are now experiencing financial difficulties with your mortgage, contact your councils housing options unit to see if they can assist you with a housing adviser or referral to a money advice unit

Good luck - whichever way you're headed

Jo
Debt @ 31.01.10 £324,422
Debt @ 31.01.11 £311,289

Get debts under £300k by 31.12.11 £561/£11,850 at 15/1/11

Replies

  • poppy10_2poppy10_2 Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    *jobags* wrote: »
    many councils are considering abandoning cash incentive schemes - where they give tenants £10 - 35K to give up their secure tenancies and buy on the open market
    Yay! :T
    *jobags* wrote: »
    and instead ploughing this money into mortgage rescue schemes
    Boo! :mad:
    poppy10
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