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    • Mortgage Rescue Scheme Wales:

    11/08/10

    Mortgage Rescue Scheme Wales:Registered Social Landlords

    Wales mortgage.svg thumb Mortgage Rescue Scheme Wales: Registered Social Landlords are at the heart of the Mortgage Rescue Scheme. This scheme works under the Welsh Assembly Government; housing is a devolved power in the United Kingdom. Scotland, England and Northern Island have similar schemes of their own. A registered social lender is a non-profit housing association registered with the Welsh Assembly. The term non-profit does not mean they don’t charge fees for their services, far from it. However, for registered social lenders, financial profit is not the main motivating force of the association. The scheme is designed to encourage registered social landlords to buy the homes of low-income borrowers that cannot afford their mortgages. They then rent the home back at a subsidized rate.

    The funding for this program does not allow all struggling borrowers to apply. The programs focus on the vulnerable groups that need it the most. Nevertheless, the mortgage rescue scheme is not for everyone, as the Welsh Assembly Government website is quick to admit. If you are struggling to pay your mortgage but have a steady income there are other choices to consider before handing over your house keys for a fraction of your house’s value. Talk to your lender, explain your situation and see what workout options your lender offers. However, if your credit is bad, you cannot afford the lowest of mortgages or your home’s market value is much less than what you owe on it—what is called negative equity—then the Welsh Mortgage Rescue Scheme might be the last-ditch option you needed.

    The general requirements for this scheme are designed to target the families that need the help the most. This includes people whose home is about to be repossessed. For a mortgage to be eligible, the home that secures it must be the borrower’s main place of residence and have no tax liens pending. A final requirement is the owner must have tried, albeit unsuccessfully, to sell the home locally.

    If you feel you qualify for this aid, contact the Housing Directorate at the Welsh Assembly Government at Merthyr Tydfil Office, the housing Debt Helpline Wales 0800-107-1340 and the Shelter Cymru at 00845-075-5005. They can offer details on how to negotiate for a mortgage rescue, and the latest eligibility criteria to qualify.

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