VULNERABLE homeowners in Solihull who are at risk of having their homes repossessed have been thrown a lifeline of help from the government this week after a new mortgage rescue scheme was unveiled.
The £200 million initiative, which seeks to keep people in their own homes, is open to those with incomes of less than £60,000 and allows homeowners to sell a share of their house. Or to sell the entire property to a housing association and remain there as a tenant paying a subsidised rent, if they are under threat of losing their properties.
The venture is set to be run as a partnership between Solihull Council, Mercian Housing Association, the Citizens Advice Bureau and the mortgage lender.
The scheme is not suitable for everyone and will only be considered once all other options have been investigated.
Anyone with concerns about their mortgage repayments is advised to keep in contact with their lender and get advice on the options open to them if they have difficulty paying them.
Anyone threatened with repossession is urged to contact Solihull Community Housing’s homelessness prevention team immediately or one of the Citizens Advice Bureaux in the borough.
Councillor Ian Hillas, Cabinet Member for Economic Development and Regeneration, Solihull Council, said: “Solihull Council is committed to helping people as much as we can through these difficult times.”
“In addition to our efforts to provide more affordable homes and investment in additional housing and money advice services, our involvement in the national mortgage rescue scheme, will help prevent mortgage repossessions wherever possible.”
Matt Cooney, Chief Executive of Solihull Community Housing, said: “We are committed to doing all we can to help Solihull residents keep their homes and to point the way to affordable housing.”
“The sooner we know if you are having difficulties the more we will be able to do to help. If you have concerns about losing your home we strongly advise you to contact us sooner rather than later.”