Code Of Ethics

(c) Clients are asked to sign a document stating that they have discussed and considered the options available to them, before they enter into an agreement with Mortgage Rescue Scheme.

(d) The client will always be advised to take advice from Citizens Advice or a similar agency or an independent solicitor. The client’s legal fees will be paid for by the scheme. The client’s legal work will usually be performed by a solicitor appointed on their behalf by Mortgage Rescue Scheme to facilitate the sale. These solicitors are familiar with the scheme and can interact in a timely manner on the client’s behalf with lenders, lenders’ solicitors, courts, bailiffs and other agencies. Clients may take independent advice if they wish.

(e) The Offer to Client clearly states the main cost to the householder’s equity, the sales price as determined by independent valuation, the terms of any buyback, the terms of the tenancy, the rental amount and the terms of both moving within the scheme and leaving the scheme.

(f) The client understands that by using, Mortgage Rescue Scheme, he changes tenure from owner to tenant but remains in his home. He must then recognise his obligations as a tenant, namely, paying his rent on time and adhering to the terms of the Assured Shorthold Tenancy agreement. If a tenant defaults on his rent, or otherwise contravenes the terms of the tenancy agreement, despite the ongoing support offered by the scheme and the best efforts of the landlord in putting appropriate arrangements in place, he will lose the benefits of the scheme and will be subject to normal proceedings to evict.

(g) The Mortgage Rescue Scheme offers a tenancy with a rent stated during this period. The landlord is contractually obliged to follow the requirements of the Mortgage Rescue Scheme for the contracted period, after which the tenancy becomes a normal tenancy if the tenant does not exercise his buyback option. The landlord will be encouraged to offer a long-term tenancy if required. If the client leaves the scheme, the property will be sold and the client may be entitled to funds after the costs of sale are met.

(h) The client will lose a portion of the equity available in their property throughout the process. After the contracted period the client can exercise his option to buy the property back at the pre-agreed price and thereby recoup lost equity and any accrued equity.