Despite rumors that the program would be “killed” due to budget restrictions, the Mortgage Rescue Scheme is still alive and kicking thanks to 200 million pounds earmarked for its funding during the next two years. This popular although underused program is designed to help low-income and vulnerable families avoid repossession by either buying their homes and renting them back at a reduced price or by buying a percentage of the home and reducing the mortgage payments. However, March 2011 has seen some changes brought on the 2009 program specifications. If you are considering applying for a mortgage rescue program, these changes will affect you. However, if your application has already been processed by a registered provider, these changes will not apply to you.

Purchase Rate Changes