How the Mortgage Rescue scheme works
- The value of the part of your home that you own must be enough to pay off any outstanding debts, although 'negative equity' will be considered up to 120%
- If you are eligible, the council will arrange for you to meet with their money advisors. They will agree with you a plan to manage your debt or some other way that you can meet your housing costs
- Then, the council may involve my4walls who will assess your home and may help you either with a ‘shared equity loan’ or through ‘Government mortgage to rent’.
What is a shared equity loan?
This is where my4walls pays off a proportion of your mortgage for you and in return owns part of your home. This will reduce your mortgage to a more affordable level so you can continue to make repayments.
What is a 'Government mortgage to rent'?
My4walls will pay off your mortgage completely by buying the property from you. You’ll be able to stay in your home and pay rent to us at an amount you can afford. You will continue to receive advice after you have entered the scheme, to help you manage your finances.
If you have any further questions, contact us
Download a leaflet with more information: CLG Mortgage Rescue Scheme leaflet