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http://www.wakefield.gov.uk/residents/community-and-housing/housing/options/buying/homeowner-support

Heard this advertised on the radio this morning especially for older home owners on interest only mortgages.

"Under the Mortgage Rescue Scheme, a registered social landlord (RSL) can buy your property and you will remain in your home as a tenant. If you have equity in your home, an equity share option is available, and the RSL will buy a share that will clear your mortgage and debts. If you have little or negative equity, the scheme might still be able to help you. "

Who wants to start ranting? :)

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What's a registered social landlord?

Registered social landlord definition: "The new general name for not-for-profit housing providers approved and regulated by Government through the Homes & Communities Agency (England), registered with Northern Ireland Housing Executive (NI), the Scottish Housing Regulator (Scotland) or the Welsh Government (Wales). The vast majority of Registered Social Landlords are also known as Housing associations

The central government Mortgage Rescue Scheme is now closed https://www.gov.uk/mortgage-rescue-scheme

There are two similar schemes in Scotland http://www.gov.scot/Topics/Built-Environment/Housing/privateowners/Repossession/hosf-1/homeowner

In Wales there is no government scheme but some housing associations in some local authority areas offer a similar kind of assistance.

From what I can find on the web, where the Wakefield page refers to the "Breathing Space - Mortgage Assistance Loan" is it referring to the following "The Regional Mortgage Assistance Loan Scheme is operated by Wakefield Metropolitan District Council on behalf of local authorities across the Yorkshire and Humber region, to enable them to offer loans to help home owners experiencing difficulties with their mortgage and/or secured loan payments." Why it refers to the Mortgage Rescue Scheme, I don't know, since that is no longer available.

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Yeah they were giving it big on the radio this morning which had me wondering just how much of it is going on if they need radio ads or if there is a VI.

What radio station was it on? And do you remember whether is was a paid-for commercial or an item in a programme?

If it was a paid-for commercial, is it likely to have been one of those "sale and rent back" shyster companies? For instance, there is one actually called 'PropertyRescue'.

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It was a paid for ad by wakefield council who are probably fronting for one of those shyster schemes.

A council wouldn't be allowed to do that.

I bet the advert was actually for the "Regional Mortgage Assistance Loan Scheme" and that some numpty, either in the council or at the ad agency, called it the "Mortgage Rescue Scheme" having forgotten / not knowing that the scheme of that name had closed.

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Are planning to phase out SMI then? So instead of SMI you would move to shared ownership if you loose your job and experience difficulties paying your mortgage.

Edited by Fairyland

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