Magazine article Public Finance

Councils to Begin Mortgage Rescue Scheme Next Week

Magazine article Public Finance

Councils to Begin Mortgage Rescue Scheme Next Week

Article excerpt

Families at risk of having their homes repossessed are to start receiving help from next week, after 60 councils agreed to fast-track a £200m mortgage rescue scheme brought forward in the Pre-Budget Report.

About 6,000 households will be given the option of reducing their mortgage payments and giving up part of their equity, or selling their home to a housing association and remaining as tenants.

The rescue scheme, which was not due to begin until the new year, is also being extended to cover loans taken out on a property.

Other measures in the PBR included further support for some households with mortgage interest payments and £15m more for free debt advice. Major lenders, meanwhile, have agreed to wait at least three months before starting repossession proceedings.

Housing minister Margaret Beckett said: 'We expect lenders to do more to build on work already underway to help their customers. …

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