The Mortgage
Rescue scheme may help if you are having serious
difficulties making your mortgage repayments and are in
danger of becoming homeless if repossessed.
How does it work?
The
Mortgage Rescue Scheme will not be the best option for
everyone. It may be possible for you to get back on track
with your mortgage payments without having to sell your
home. If you are having difficulty in paying your
mortgage you must talk to your lender in the first
instance and we would recommend that you take independent
financial advice from organisations such as Shelter Cymru
and/or Citizens Advice Bureau to find out what options are
available to you.
Is it for you?
United
Welsh will consider purchasing your property outright and
renting it back to you as a tenant. You will initially
enter into a ‘Starter Tenancy Agreement’, which is an
Assured Shorthold tenancy, and after a satisfactory 12
month period, will become an Assured tenancy.
The level
of debts and value of your property will be ascertained
together with the cost of any repairs or other works that
may be necessary, and it will be determined if we are able
to provide assistance.
Who can apply?
In
order to qualify for the scheme, applicants must meet the
following criteria :
-
Your home is
in danger of being repossessed. That is, your lender has
started legal action to repossess your home
-
You can
demonstrate you have exhausted all other options made
available to you
-
You will be
homeless if the property is repossessed
-
The property
is your only or main residence
-
The property
is clear of any legal reasons that would prevent it being
sold
-
You are unable
to sell and buy a cheaper home locally
Priority will be given to
families and to those where a repossession order /
eviction warrant has been issued.
What should you do
next?
If
you require assistance, please contact the Homelessness
team or Housing Strategy team at.
-
Caerphilly County Borough Council –
01443 873552
-
Torfaen County Borough Council – 01495
742302
-
Your circumstances will be assessed and
if you qualify you will be referred to United Welsh where
you application will be progressed.
For
independent advice:
Contact Citizens Advice Bureau,
www.citizensadvice.org.uk,
or you can find the telephone number of your local office
in the telephone directory
Please note: There is no given
right to assistance under the Mortgage Rescue scheme but,
where United Welsh is unable to provide assistance, you
will be given a reason why..
