Mortgage Rescue Scheme Northern Ireland
The Mortgage Rescue Scheme in Northern Ireland (see reference 1) will follow the same basic guidelines as the Mortgage Rescue Schemes in the rest of the U.K. These schemes have been created to assist the homeowners who are in imminent danger of having their homes foreclosed on.

The programmes are supposed to help the most “at risk” segments of the population, while helping to slow down the real estate crisis which is plaguing Northern Ireland.
At risk populations include – Women who are pregnant, families with minor children, the physically or mentally disabled, the elderly, and people who would be homeless should their properties be repossessed by their lending institution.

If you meet the above criteria there are additional restrictions in place, to ensure that this programme is used only by those who need the financial help. The home owner cannot make over £60,000 per year, the home must be both the primary and only residence of the members of the household, and there should be no other suitable alternative available (downsizing, moving to a different area, and mortgage adjustment by the lender).

There are two ways that the Mortgage Rescue Scheme can work in Northern Ireland. The first option is called the mortgage to rent option. What this option does is allow the homeowner to remain in the home (while all or part of the mortgage is forgiven) as a tenant rather than an owner. The homeowners association will become the actual owner of the property, and they will become the landlord to the current owner.
The second option is a shared ownership option. Shared ownership will mean that the homeowners association will purchase part of the property. The owner will then only be responsible for a percentage of the current mortgage. How large a percentage is determined by the amount of money the homeowner can pay.

Both options in the Mortgage Rescue Scheme of Northern Ireland require that the owner of the property give up ownership to a certain extent. There may be options that are more suited to the homeowner. Speaking to the mortgage lender and a financial councilor prior to making any decisions is vital to the process. No one wants to give up the title to their home unless there is no other choice.

Department for Social Development

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