A MORTGAGE rescue scheme has been launched across Cheshire West and Chester to help vulnerable homeowners during the credit crunch.
The new district council, working in partnership with Chester and District Housing Trust, the Citizens Advice Bureau and Liverpool-based Riverside Housing Association, will target households on incomes of less than £60,000 and where homes are valued at below £125,000.
The move follows a range of Government measures to help residents during the credit crunch, including supplying £200m to set-up a mortgage rescue scheme.
“In the first instance, anyone facing problems paying their mortgage should speak to their lender,” said Cheshire West and Chester prosperity and regeneration portfolio holder, Cllr Herbert Manley.
“They should be sympathetic and can help if people let them know as soon as possible that they have concerns.
“It may be possible to reduce monthly payments for a time.”
“If a solution cannot be found at this point then other things come into operation, with the main emphasis on helping vulnerable people keep a roof over their head.”
If homeowners have not found a solution to their mortgage problem, the situation will then be considered by one of Cheshire West’s housing options teams.
This will lead to an in-depth investigation carried out by the Citizens Advice Bureau which could result in help being provided by Riverside, which could buy the property and rent it back at an affordable rent for at least a three year period or take an equity share of the home, say 50%, which would reduce mortgage payments. Riverside would receive it’s share of the sale once the property had been sold.
For details of the scheme, contact the council’s housing options team or visit the website www.cheshirewestandchester.gov.uk