As we mentioned in our previous article on the Welsh Mortgage Rescue Scheme, this program is not for everybody. Although the Mortgage Rescue Scheme can provide valuable assistance to homeowners who are facing serious financial difficulties it may not be the best option open to you. For instance, if your financial situation is likely to improve in the short term or you have other assets you can use to pay for your mortgage, the mortgage rescue scheme may not provide the best assistance available to you.

How Can I Get Advice On My Mortgage?

The Welsh Assembly Government manages the Mortgage Rescue Scheme in Wales. Its main purpose is to provide aid to residents who are owner and occupiers of and who are at risk of losing their homes to a repossession.

How does the Mortgage Rescue Scheme Operate?

The Mortgage Rescue Scheme provides eligible homeowners with two options. Those homeowners who are struggling to make their payments but could afford reduced monthly payments are given the opportunity of applying for a housing association equity loan that will help reduce their monthly mortgage payments. Homeowners who cannot afford the reduced mortgage payments can sell their home to the housing association and remain in the house as tenants. Which option is best for you will depend on your personal circumstances.

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.