Do I have to see anybody – can you just post me the stuff?

You do not have to see anybody unless you wish to. You receive an offer in writing and can discuss it with your family and an independent adviser of your choice.

When you are happy to proceed, your landlord will arrange a visit if you wish.  Your landlord will want to meet you and to have a look at the house to see if repairs are needed.

How much will I get for my house?

We treat every case individually.  If you are staying in your property under the terms of the mortgage rescue scheme you will receive less than the perceived market value.  You may lose some equity but you get the opportunity to regain your equity at a later date.

Who will my landlord be?

Your landlord will be a member of the National Landlords Association. He/she will have been credit-checked, bankruptcy checked and of good character. He signs a contract to run alongside the Assured Shorthold Tenancy agreement which protects you.. Mortgage Rescue Scheme oversees the tenancy to protect you further.

What if I change my mind?

You are free to change your mind, and even when you sign, you have a seven-day cooling off period. After the valuation result is known, we confirm the figures to you. Solicitors will already be working on the case so we would ask you to respect this. If you have second thoughts, discuss it with us. If you decide not to go ahead, tell us quickly.  You are free to pull out at any time up to exchange of contracts.

Can I stay in the house for the rest of my life?

Neither Mortgage Rescue Scheme nor anyone else can promise this for sure. During the first five years the expectation is that you will stay. After the first five years, you may want to stay and your landlord is happy for you to stay BUT sometimes events happen which are outside our control. For example, if your landlord dies, the probate terms might require the house to be sold, which we cannot prevent outside the Five Year  Plan, but we will offer you alternative accommodation.

Why your company and not another company?

We have been landlords for a long time and we have tenants who used to own their homes who have now been tenants since May 2006, as this is a fairly recent phenomenon. We are all about you as a tenant, not you as a commodity who happens to have a property. We are landlords first and foremost and property investors second. We have a caring approach and are interested in the long-term rather than a quick fix now. We want you to be better off emotionally and financially by using Mortgage Rescue Scheme.

What sort of tenant will I be?

You will be a tenant of a private NLA landlord under an Assured Shorthold Tenancy, which is a legal requirement. This agreement is periodic after the first 6 months, which means continuous. You are free to leave with one month’s notice. It is the landlord who is not free to chuck you out!   If you, for some reason, become unbearably anti-social or refuse to pay your rent for no good reason, the landlord is permitted to sell the property.  It is a condition of Mortgage Rescue Scheme tha tyou pay your rent, otherwise you lose the benefits of the scheme.  Under normal circumstances the landlord is not permitted to sell the property under the contracted term.

Am I guaranteed to remain in my home?

Our scheme is our guarantee. It offers an up to five-year plan during which time your rent will be agreed. If you wish to continue as a tenant after this period your rent will be adjusted to a market rent provided your landlord is happy for you to remain in the property. If you decide not to exercise the option to buy it back, or to have it sold, or to move, then you can normally stay on as a tenant. 

Could I buy it back if I wanted to?

Yes, if you or a family member wish to buy it back after five years, you have this option, provided you are in a position to get a mortgage. If you have bad credit, you have five years to turn this around. And you will have an excellent record of regular rent payments. Lenders are currently very cautious about new borrowing and reserve the right to do a detailed credit profile of a new borrower and may have increasingly stringent requirements due to the current (2008-09) market.  You will know the terms of the buyback before you go from your current mortgage onto a rental.

I’m going to lose my job – how will I pay the rent?

If you need time to get another job, we will include this in our calculations. If you do not think you will work again, we encourage you to get all the benefits you may be entitled to and will support your application for Housing Benefit. You should find out as much as you can before you make up your mind to sell your home.

What will my rent be?

Your rent will be calculated around the offer we make you.. We will confirm the rent in writing and this will be fixed for five years. Sometimes we can offer a reduced rent period.

Who does the valuation?

The valuation is conducted by an independent qualified surveyor appointed by a lender so that your landlord can get a mortgage on your home instead of you holding the mortgage. The landlord acts as a surrogate mortgage holder for you. The valuation takes about 45 minutes. The property must look good enough to let out to a tenant . The valuer also takes into account what has sold and rented in the last 6 months in your areal and current market conditions. He may also look at what is for sale in the area, but he knows these prices can be rather misleading at times. The result of the valuation is known in 2 to 10 days, at which point we will confirm the next stage.. You may also request a copy of the valuation for £75.  Please be aware that many properties are not being valued as highly as they did before summer 2007.  This may mean that many homeowners now owe as much as or more than the house is currently worth.  Such people have few options.