A mortgage rescue scheme aimed at preventing thousands of vulnerable people from losing their homes to repossession has been officially launched today.
Under the nationwide scheme, not-for-profit housing associations will buy homes from people struggling to pay their mortgage at an independently-assessed market price. Successful applicants would be allowed to remain in their property either as tenants paying an affordable rent or as owners after receiving an equity loan from a housing association to help cut their mortgage costs. Once their financial situation improved, they can pay back the loan in part or full. The Government estimates that the scheme - devised last year by the National Housing Federation (NHF) and the Council of Mortg...
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