|Wigan joins the mortgage rescue scheme
Help could soon be at hand for Wigan families who face losing their homes as part of the ongoing economic downturn.
On Friday (Jan 16) the government announced that it would be extending its mortgage rescue scheme and now Wigan is on-board.
Wigan Council has been identified as a ‘fast-tracker’ authority for the expansion of the scheme and in partnership with Wigan and Leigh Housing, the Wigan C.A.B. and Plumlife (a registered social landlord), have now set up the scheme for Wigan.
Under the scheme, vulnerable households who may be facing homelessness as a result of financial hardship, can apply to the council for help to stay in their homes.
Depending on their circumstances families have two options – sell a share of their home to a housing association which would significantly reduce their mortgage payments or sell the entire home to a housing association but continue to live there paying a subsidised rent.
The government believes the new measures, along with existing support, could help prevent as many as 6,000 repossessions this year.
Wigan Council’s Cabinet Champion for Neighbourhoods Cllr Kevin Anderson says: “The credit crunch, uncertain times within housing market and increased financial pressures are conspiring to create challenges for us all.
“Wigan Council is doing all it can to help build stronger communities and to support the people of the borough as we all attempt to weather this economic storm.
“The mortgage rescue scheme is not designed for those who find themselves in negative equity, as unfortunate as that may be, but for those who are at genuine risk of being made homeless.
“I would urge anyone who may be in this situation to seek the support and advice they need.”
- You can find out more about the Mortgage Rescue Scheme by contacting Wigan and Leigh Housing’s Housing Options Advice Centre on 01942 487717.