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Mortgage Rescue

Waltham Forest has been leading the way in introducing the government’s mortgage rescue scheme, as one of the boroughs which has fast-tracked scheme since November 2008.  The borough is operating the scheme in partnership with lenders, social landlords and the CAB.

Eligibility for the scheme is based on a range of criteria, including

• the value of the property (must be less than £295K)
• the household income (must be less than £60K?
• the household circumstances (eg whether there are children or other vulnerable household members, immigration status)
• the condition of the property

Eligible households will be referred to the participating Registered Social Landlord (RSL). Metropolitan Housing Association is Waltham Forest’s partner RSL in this scheme, who can then help in one of two ways:

Shared equity – The RSL provides an equity loan enabling the householders' mortgage repayments to be reduced or

Government Mortgage to Rent - RSL clears the secured debt completely and the applicant becomes a tenant of the RSL and pays rent at a level they can afford.

The borough’s Housing Assessment and Options Unit, based at Cedar Wood House is co-ordinating for the scheme in Waltham Forest.  Clients approaching for help who may be eligible for mortgage rescue will be visited at home to establish whether or not the scheme is suitable for them.  Following the visit, the household will be referred to the Citizens’ Advice Bureau who will make further checks and refer to Metropolitan HA if appropriate. Metropolitan HA will make a final decision on the viability of the scheme .  Even if people are not eligible to be helped by this particular scheme, or if it not suitable for their needs, they will be given help and advice by the Council’s Housing Advisors and will be referred for debt advice if appropriate.

Although the government’s mortgage rescue scheme may not help everybody, we would urge anybody who is having difficulties with their mortgage payments to contact the Housing Advice Unit at Cedar Wood House without delay, to see what help is available.

The Housing Advice Unit is based at:

Cedarwood House, 2d Fulbourne Rd, Walthamstow, London E17 4GG

Open: Monday-Thursday, 9am-4.30pm; Fridays 10am-4.30pm

Telephone: 020 8496 3000, Monday-Thursday 9am-5.15pm; Friday 9am-5pm