Mortgage Rescue in Wales

The mortgage rescue scheme in Wales presents itself in two forms:

• Shared Equity whereby the housing association purchases a stake of the equity in your home which lowers your monthly mortgage payments. You continue to be the outright owner of your property; and
• Mortgage to Rent whereby the housing association settles your mortgage debt and you become a tenant of the housing association, paying a rent that you are able to afford.

In order to apply you have to initially seek advice regarding your financial situation from a Citizens Advice Bureau, a solicitor, a debt advice service, another advisory agency or your local authority.

High priority is given to those are living in specially adapted housing.

Information can be found on the Welsh Assembly website. To apply contact your local authority or the Welsh Assembly Government Housing Directorate Tel: 01685 729156 or 01685 729157, email: shg(at)wales.gsi.gov.uk.