Leeds Mortgage Rescue Scheme

The Mortgage Rescue Scheme in Leeds is called the HomeSave Plus. The Leeds / Harrowgate area has high priced homes, but they are being hit as hard as some of the lower property value areas (see Reference 1). This mortgage scheme works a bit different from those in other areas of the U.K. It does not offer a mortgage to rent option, but offers assistance will selling or paying for the mortgage itself.

There are 3 basic plans available for homeowners having difficulty meeting their mortgage payments.
The first plan is assistance to sell your home if you will not be able to meet the mortgage payments in the future. This plan offers a loan of £35,000 which can be used on mortgage payments until the home is sold.

A second plan that is offered also offers a £35,000 loan to help pay down your mortgage, which in turn will lower the mortgage payments. This plan is good for homeowners who may not be able to pay the entire mortgage payment, but could make a smaller payment.

The final plan is for homeowners who are having problems paying their mortgage right now, but just need a little time to recover and they would be able to make their payments. This plan again offers a loan of £35,000 to help in the short term.
The Leeds mortgage rescue scheme gives the homeowner the opportunity to retain full ownership of their property if at all possible. There are a few requirements that the homeowner must meet however.

The homeowner must live in the Leeds/Harrogate area, known as the Golden Triangle. The homeowner must be the legal owner of the property in question. The home in Leeds must be the only home of the owner. The property in question must be worth less than £350,000. The difficulty in paying the mortgage must be caused by a decrease in income caused by a) illness b) unemployment or c) relationship changes. The final condition is that the homeowner has at least 3% equity in the home (see Reference 2).
The Leeds HomeSaver Plus plan has options available for many homeowners. These plans will not work for every homeowner, and talking with a financial advisor will help to determine what would work best for you. All of the above options offer a £35,000 loan, if that amount of money could get you through the tough times, check into the HomeSaver Plus plan and see if you qualify.

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