Lambeth Council is helping local residents struggling with mortgage arrears to keep a roof over their heads. Lambeth’s mortgage rescue scheme is approaching its first anniversary and has already helped residents with a combined mortgage arrears of almost £62k to avoid having their homes repossessed.
Under the scheme, homeowners facing financial pressure from their mortgage companies or the threat of repossession as a result of getting into mortgage arrears can contact Lambeth Council for help and advice.
The council run scheme, in partnership with Centre 70 money advice and London and Quadrant housing association can help qualifiying home owners in a number of ways. These include giving residents advice on money and debt management, purchase of the property allowing the householder to continue living in the property as an assured tenant, and sourcing other potential buyers.
To qualify for help under this scheme, you need to either:
- have dependent children
- be someone who is vulnerable because of old age or a physical or mental impairment
- have a household income of less than £60,000 per year
- be pregnant
- have no second or holiday home
- the mortgage value must be less than 120 per cent of the value of the home
Councillor Lib Peck, Lambeth Council cabinet member for housing and regeneration said: “The threat of repossession puts an enormous strain on homeowners and this scheme can help alleviate that stress.
“Lambeth Council is determined to do all it can to help residents through these difficult times. This scheme is one of our many initiatives aimed at this. If you think you might qualify for this support, please contact us.”
For more information about Lambeth Council’s mortgage rescue scheme, contact our Private Sector Advice Team on 020 7926 4200.