Jump to content
House Price Crash Forum
peewee2

Mortgage Rescue Scheme

Recommended Posts

Is this the best use of taxpayers money? Discuss

"Struggling homeowners thrown mortgage rescue scheme lifeline "

HOMEOWNERS struggling to meet mortgage repayments are due to be thrown a lifeline by a North Yorkshire council.

A pilot mortgage rescue scheme has been drawn up by Richmondshire District Council to give support to householders who are faced with losing their homes.

Repossessions nationwide have increased significantly, and the Citizens Advice Bureau helped 34,000 households with mortgage arrears over the last financial year.

In Richmondshire, the council admitted the way homeless cases are recorded has made it difficult to pinpoint the problem's extent. But the council's homeless service deals with 15 to 20 cases every year directly related to mortgage arrears.

A four-bedroom semi-detached family home in Richmond costs over £220,000.

Mortgage repossession has been identified as a major factor leading to homelessness and has been linked to other issues such as the break-up of relationships and escalating debts.

Councillor Peter Wood (Ind, Colburn) was due to stand for re-election last night as the chairman of the council's community committee, which is due to meet on Tuesday to discuss the the mortgage rescue scheme.

Coun Wood said: "A need has been identified to help people out who may be struggling to keep up with their mortgage repayments. Property prices in Richmondshire, like many other parts of the country have risen significantly in recent years.

"Obviously nothing will be decided ahead of next week's meeting, but we'll be considering the proposals carefully."

Among the solutions drawn up is an evolution of an existing purchase-and-repair scheme, which has seen the council working closely with housing associations to provide affordable homes.

The associations have used their own resources and housing corporation grants to buy empty properties before repairing them and allowing families nominated by the council from waiting lists to live in them.

The council is now proposing to draw up a joint funding package where up to £107,000 would be used to clear the mortgage of homeowners struggling to keep up with monthly repayments.

The home would be sold to a housing association and, while the figure of £107,000 would be well below the market value, it would clear debts and allow the property owners to stay, renting their home off the association.

A report to go before the council's community committee said: "The household will forego their full equity in return for having their homelessness prevented."

Coun Wood stressed strict criteria would apply before any decision was made.

The pilot project has been drawn up in light of a specific case being dealt with by the district council's homeless prevention service.

However, it would only be available to households where the outstanding debt is in a defined range and reliant on the resources of the housing associations and council.

A pilot scheme will provide up to five mortgage rescues in the next year.

http://www.yorkshiretoday.co.uk/ViewArticl...ticleID=1507181

Share this post


Link to post
Share on other sites

They should just rehome them in Darlo, much cheaper. ;)

And surely it's just rewarding 'bad' behaviour? (I appreciate not everyone gets into difficulties on purpose)

Share this post


Link to post
Share on other sites

Just Alice in wonderland stuff, if this carried on when we get into difficulties we can just stop paying and be bailed out, it won't last they won't be able to afford it for much longer

Share this post


Link to post
Share on other sites

A nice bit of Keynesianism that has Brown written all over it, so carry on working hard all you little priced out professionals, your taxes are being used to fund higher causes, i.e. paying interest to the banks for irresponsible loans created out of thin air.

Welcome to modern Britain, bread and circuses and prizes for all, where hard work never goes unpunished.

Share this post


Link to post
Share on other sites

A nice bit of Keynesianism that has Brown written all over it, so carry on working hard all you little priced out professionals, your taxes are being used to fund higher causes, i.e. paying interest to the banks for irresponsible loans created out of thin air.

Welcome to modern Britain, bread and circuses and prizes for all, where hard work never goes unpunished.

you mean sh ite?

Share this post


Link to post
Share on other sites

The home would be sold to a housing association and, while the figure of £107,000 would be well below the market value, it would clear debts and allow the property owners to stay, renting their home off the association.

Are we starting to see the return of council houses?

Share this post


Link to post
Share on other sites
Guest horace

If these ideas were adopted AND covered the whole of the UK those str`ers hoping to pick up bargains at auction would have less to chose from.

lol

h. ;)

Share this post


Link to post
Share on other sites
Repossessions nationwide have increased significantly, and the Citizens Advice Bureau helped
34,000
households with mortgage arrears over the last financial year
.

With these kinds of numbers emerging from Gordon's Miracle Economy we just need to accept that a crash is inevitable and let the market find its own level without local government bail outs (we don't need more council tax to help the sheeple). If thousands lose their homes at least thousands more will get in cheaper when the auction rooms are awash with properties to sell. MY guess is that 34,000 is just the tip of the growing iceberg as we are early in the down cycle and higher IR are only just starting to bite.

Edited by Realistbear

Share this post


Link to post
Share on other sites

wow - perfect timing for these designer flats.... roll this out accross the country and you get alot of flats handed to the government when interest rates....

Share this post


Link to post
Share on other sites

If these ideas were adopted AND covered the whole of the UK those str`ers hoping to pick up bargains at auction would have less to chose from.

lol

h. ;)

They are proposing to do 5 a year

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.