Mortgage advice
If you are having difficulties paying your mortgage or are
worried about future payments there are steps you can take to help
control the situation.
You should:
- talk to your mortgage lender
- speak to an independent advice agency
- keep making payments if you can
It is a good idea to get advice as soon as possible.
Worried about repossession
Repossession is a last resort for mortgage lenders. If you are
at risk of repossession you should speak to your mortgage lender to
discuss your payments.
There are two national schemes that can provide assistance for
people that are at risk of having their home possessed.
Mortgage rescue scheme
The
mortgage rescue scheme can offer homeowners two options
as a way to beat the repossession.
- Shared Equity Loan - a Registered Social Landlord will pay off
a portion of your mortgage and take a share in your property's
equity.
- Government Mortgage to Rent - a Registered Social Landlord will
pay off your mortgage and you then make repayments as a
tenant
Those that want to access the scheme must meet a set criteria and
be referred for help through the Mortgage Rescue scheme by advice
agencies, courts or lenders.
Homeowner mortgage support scheme
The homeowner
mortgage support scheme gives lenders the opportunity to reduce
monthly mortgage repayments until the owner is in a better
financial position. The extra money due to be paid during this
period is then paid back at a later date.
The government will guarantee the lender against a proportion of
any loss incurred on the deferred interest payments in case the
borrower defaults.
The scheme is available to those that meet the eligibility
criteria.