Save Your Homes-opt For A Mortgage Rescue Scheme

By Author: Walker Wild
Total Articles: 279
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A mortgage rescue scheme is just what you need when you are faced with the possibility of losing your home due to financial troubles. Essentially backed by the UK government, it is aimed at helping the weaker sections of society, many of whom are on the verge of becoming homeless. The mortgage rescue scheme can offer direct financial aid to help you meet mortgage payments. This is a welfare scheme with a humanitarian approach to help vulnerable people. The program is supervised by the council and is also offered elsewhere in the United Kingdom, even if you are not a resident of England.

The basic theme of the program is to focus on those high-priority sections of society like the elderly, pregnant women and ailing residents who are unable to support their homes. The mortgage rescue scheme is for all these sections and their immediate family members. To be eligible for Mortgage Rescue, you need to conform to certain criteria. These eligibility criteria have been framed, keeping in mind the objectives of UK mortgage rescue.

Criteria for UK Mortgage Rescue Scheme:

* You cannot own a second home, whether it ...
... is a holiday home or other real estate investments in UK or elsewhere.
* Your home's market value has to be below the predetermined limit in the region where you reside.
* Outstanding mortgage balance cannot exceed 120 percent of home value,
* Total family income must be below 60,000 Euros annually.

Once you have qualified for UK mortgage rescue by fulfilling the above criteria, you should get in touch with the local council financial consultants. These advisors conduct an investigation for appraisal purposes. With this, they approach the Registered Social Landlord for practical assistance.

Twin Programs

The UK mortgage rescue scheme has twin programs:

* Shared equity loan that is interest-only loan to lessen your monthly pay to a manageable limit. You must hold 25 percent equity on your mortgage balance to avail this program.
* Government mortgage to rent scheme wherein the Registered Social Landlord purchases your home for 97 percent of its real estate value and lets you stay on rent at a lower rate. Through this scheme, a homeowner can continue living in his own home without having ownership rights.

The UK mortgage rescue scheme ensures that the agreements made between the lender and the RSL or Registered Social Landlord is usually closed within twelve weeks. The mortgage scheme however does not interfere with the homeowner's eligibility to qualify for other benefits. The mortgage rescue scheme is directed at helping those who wish to hold onto their homes but are unable to pay. It is not meant for those who deliberately put off paying their monthly dues.

With UK in the grip of economic recession, many homeowners are faced with the threat of losing their homes. People, particularly those belonging to the middle and lower income bracket have been the worst affected. The mortgage rescue scheme in England plans to aid nearly 6000 families. UK mortgage help can be availed by those living in both England and other parts of the United Kingdom. Eligible persons should have exhausted all other possibilities of acquiring debt advice and contacting lenders before they can qualify for this scheme.

Visit the site http://www.mortgagerescuescheme.co.uk to learn about the criteria that homeowners need to fulfill to become eligible for the mortgage rescue scheme. Find out the steps you will need to follow once you are approved for getting UK mortgage help.