Mortgage Rescue

The Mortgage Rescue Scheme is a national Government Scheme which has been set up to help prevent vulnerable homeowners from losing their homes. 

Mortgage Rescue is a voluntary scheme which Three Rivers District Council are pleased to confirm that we are participating in. 

What are the criteria to be eligible for the scheme?

You may qualify for the scheme if you have dependent children or if anyone in your household is pregnant, elderly or disabled and you are facing possession action by your lender.

What might prevent me from being eligible for the scheme?

You may not be eligible for the scheme if your household earns more than £60,000 a year or if your property is valued at more than £240,000 or if the property is much larger than your family’s requirements.

How does the scheme work?

The amount of equity you have in the property will determine the type of rescue offered. Households in negative equity of up to 120% may still be considered.

One solution is to provide an equity loan which will reduce the monthly mortgage payment to an affordable amount. The loan is repaid monthly also but at an affordable rate and home ownership is retained.

The other option is that a designated Housing Association (Aldwyck Homes) will buy your property at 97% of its market value. You then become a tenant of Aldwyck Homes and will be given a 3 year assured short-hold tenancy and although ownership of the home is lost you do remain in that family home.

How do I go about applying for these schemes?

You may contact the Housing Needs Team at Three Rivers directly or via a Citizens Advice Bureau Advisor.