Associations key to £200m rescue plan
Housing minister Margaret Beckett today launched a £200 million mortgage rescue scheme for families facing repossession.
She said: ‘For the most vulnerable households, this mortgage rescue scheme will enable those at risk of repossession to remain in their homes.’
National Housing Federation chief executive David Orr said it would ‘also serve to undermine those shadowy companies currently making money out of people’s misfortune by buying their properties at substantially less than the going rate – and then only letting them stay on a short-term tenancy basis’.
The scheme, expected to help up to 6,000 households, will allow people to sell either part or all of their homes to housing associations.
They would then become either shared owners or tenants.
It will be available to households who would be eligible for re-housing under homelessness legislation if they lost their homes. These would be people who are elderly, disabled or with children, with household incomes of less than £60,000 a year.
Have your say
You must sign in to make a comment