The Welsh Assembly Government manages the Mortgage Rescue Scheme in Wales. Its main purpose is to provide aid to residents who are owner and occupiers of and who are at risk of losing their homes to a repossession.

How does the Mortgage Rescue Scheme Operate?

The Mortgage Rescue Scheme provides eligible homeowners with two options. Those homeowners who are struggling to make their payments but could afford reduced monthly payments are given the opportunity of applying for a housing association equity loan that will help reduce their monthly mortgage payments. Homeowners who cannot afford the reduced mortgage payments can sell their home to the housing association and remain in the house as tenants. Which option is best for you will depend on your personal circumstances.

In the first part of this article we discussed the first (and most important) step you must take to avoid defaulting on your mortgage and losing your home to a repossession in the UK. You see, in Scotland, North Ireland, Wales and England the law requires lenders to follow a pre-action protocol. This set protocol manages the repossession process and forces lenders to help borrowers find different ways to repay their mortgage. Once you have have contacted there are further steps you must take to guarantee you are doing everything you can to save your home.

Step 2. Get free help from a professional money advisor.