NEWS RELEASE

Thanet Council has helped save its first family in Broadstairs from having their home repossessed using a new government Mortgage Rescue scheme, which was introduced earlier this year. This is only the fourth time this scheme has been used in Kent.

The scheme has two elements, shared equity, which is designed to help householders who have seen their income dramatically change and need help in paying their mortgage, and government mortgage to rent. This aims to help those on low incomes with little chance of sustaining a mortgage.

In both cases, a Registered Social Landlord (Housing Association) is used, either to provide an equity loan to allow mortgage repayments to be reduced or to purchase the property, with a rent then paid at a rate that is affordable. It is aimed at those who would eligible for homelessness assistance and is subject to a range of eligibility criteria.

Cllr. Zita Wiltshire, Cabinet Member for Community Services, said: “Helping people to remain in their own homes is something we can all support. In the current financial climate, additional help is needed and it’s good to see that the scheme has been used for the first time in Thanet to help a family avoid repossession. Help is available, although obviously with this scheme, there are certain criteria that people have to meet. The most important thing for anyone who’s currently experiencing difficulties in keeping up with mortgage payments is to ask for help to see what’s available and what can be done.”

If you are having difficulties paying your mortgage and would like advice on what options are available to you, please contact the Housing Options Team on 01843 577277.