Mortgage rescue scheme

Crawley council is among 80 "fast track" authorities selected to trial a national drop-in mortgage assistance scheme which was devised to help homeowners facing the prospect of repossession.

Fifteen households in the town have subsequently turned to the £200m rescue strategy in order to seek help in paying their mortgage.

The council confirmed that officers were giving advice to the homeowners and investigating their eligibility to receive assistance. Any households which are deemed eligible for help through the scheme are offered two possible options.

The first allows the homeowner concerned to cut the amount they spend on their monthly mortgage payments by selling a share of their property to a housing association. The second solution involves a housing association purchasing the property in its entirety, and the residents remaining as tenants paying subsidised rent.

"In these difficult times it's important for the council to help out wherever it can," said Councillor Jennifer Millar-Smith, the cabinet member for housing.

She explained that the rescue strategy was one of many methods the council is deploying to provide residents with assistance during the recession, and urged people to seek help as soon as they became aware of debt issues.

An officer from the Citizens Advice Bureau was also said to be working alongside the council housing team to assist residents by explaining the other debt relief options available to them.

The mortgage assistance scheme is being offered via weekly drop-in sessions held in the town hall every Friday from 10am to 12 noon.

Source: bbc.co.uk | Last updated: bbc.co.uk

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