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Housing advice

Mortgage rescue schemes

If you are having trouble paying your mortgage or are threatened with possession, you must not ignore the problem. It is important that you get advice as soon as possible.

What should I do if I am struggling with my mortgage payments?

There are several agencies that can provide support and advice and several steps you can take to try and prevent you from losing your home:

Step 1:

Speak to your lender to see if you can agree alternative payment arrangements. It is important that you respond to correspondence from your lender as it shows that you are willing to solve your mortgage problems. Support and advice is available to help you speak to your lender. The Housing Options Service can help you to access support to do this. Lenders should be repossessing only as a last resort.

Step 2:

Seek independent debt advice to help you sort out your financial difficulties:

• Calderdale Citizens Advice Bureau|
  Citizens Advice Bureau provides information and advice on your rights. This site covers many issues including debt.
• Consumer Credit Counselling Service (CCCS)|
  CCCS is a registered charity offering free, confidential advice and support if you are worried about debt.
• National Debtline|
  This helpline (0808 808 4000) provides free confidential and independent advice on how to deal with debt problems

Or alternatively for a referral to a money advisor or speak to our mortgage specialist Contact Housing Options Service.

For tips on how to manage your money you may also find  useful.

Step 3:

It can be difficult to know if the scheme is available to you and how to access them and so it is important that you get the correct advice early on. Contact the Housing Options Service for further advice and to find out if any of the government schemes can help. Below is a brief summary of the schemes to help people in mortgage difficulties:

Support for Mortgage Interest helps support your mortgage interest payments.

This scheme may be available to you if you are on Job Seekers Allowance or Income Support. It is available 13 weeks from the date of you making a claim or losing your job.

Homeowners Mortgage Support allows you to postpone part of your interest payments for up to 2 years. The amount that is postponed is added to the balance of your mortgage and is to be paid back when your situation improves.

This scheme may be available to you if you are experiencing a short term drop in income, possibly due to a reduction in hours. Further information can found at:

• Guide to Homeowners Mortagage Support|
• Directgov: Homeowners Mortgage Support|.

Mortgage Rescue Scheme is available for vulnerable families such as the elderly, disabled or those with children. The 2 options under this scheme are:

• Mortgage to rent where a Registered Social Landlord purchases the property and you pay rent to the landlord at a level you can afford.
• Shared equity where a Registered Social Landlord provides you with an equity loan so that your mortgage repayments can be reduced.

When should I start taking steps?

You should start acting as soon as possible. Particularly if:

• you are worried you may not be able to make mortgage payments
• you are in arrears
• you have lost an income in the house and will struggle to keep up with payments
• you have received warning letters from your lender
• you have been threatened with court proceedings.

Further information

Directgov: Mortgages and repossessions|
This is a government website that provides information on what you can do and where to get help to keep your home.

Mortgage Help|
You can use the interactive tool to create a 'personal action plan' to help you deal with your mortgage problems.

This site provides tips on what you can do to keep your home. It also provides information on other money issues such as debt and savings.

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