Saturday, 31 July 2010

ALMO to help 10 families

12/02/2010

An arm’s-length management organisation has become the first in the country to offer the government’s mortgage rescue scheme.

The charitable arm of Rochdale Boroughwide Housing, Brighter Horizons, received approval from the Homes and Communities Agency and Rochdale Council to help 10 households.

RBH applied in response to an appeal from the HCA for more providers to join the scheme and increase its capacity.

Greater Manchester’s mortgage rescue scheme is administered by Great Places Housing Group. Brighter Horizons will take ownership of the homes of families facing repossession, while RBH will manage them. The council will provide 35 per cent of the scheme costs.

Gareth Swarbrick, chief executive at RBH, said: ‘Rochdale has one of the highest numbers of repossessions in the north west and clearly there is great demand for this type of assistance.

Deborah McLaughlin, regional director north west of the HCA, said: ‘The economic downturn has left many homeowners in trouble, and repossession is a last-ditch solution that doesn’t benefit homeowners or lenders.

‘Through preventative work such as this in Rochdale, Mortgage Rescue is now starting to offer a valuable alternative.’

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