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?

Knowing what your best option is when facing a home repossession can be confusing. There are a number of organizations in Wales that provide free and independent advice that can prove invaluable if you are facing serious financial difficulties. The organizations and their contact details are below.

Housing Debt Helpline Wales, Telephone: 0800 107 1340

Visit: Housing Debt Helpline Wales

Shelter Cymru 0845 075 5005. Visit: Shelter Cymru website

or visit the Citizens Advice Bureau website

Stay On Top of Your Mortgage Campaign.

Who Qualifies for the Mortgage Rescue Scheme?

To qualify for assistance from the Mortgage Rescue Scheme you must meet the following requirements

- Your home is at risk of being repossessed by your lender. In other words, you must have been informed by your lender about their intention of taking possession of your home to cover your debt with them.

- You must have no other property to go to in case your current home is repossessed. In other words, if you have another home you own you will not qualify for mortgage rescue assistance.

- You must be living in the home that is at risk of being repossessed. Homes used as a secondary home or vacation home are not eligible for mortgage rescue.

- Your home must have no liens or other legal reasons that would prevent you from being able to sell it.

- Finally, you must be unable to sell and buy another home locally. For instance, if you can sell your home at a price that would allow you to buy another home in your area, you will not meet the eligibility requirements of the Welsh Mortgage Rescue Scheme.

What Do I Do Next?

If you feel that you qualify for the Welsh Mortgage Rescue Scheme you should contact your local Welsh Assembly Council, call the Housing Directorate at the Welsh Assembly Government at 01685 729156 or 01685 729157 or write to: Merthyr Tydfil Office, Rhyd Y Car, Merthyr Tydfil, CF48 1UZ

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