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Mortgage Rescue Scheme -anyone done this?
Hi folks,
I had to leave my job 18 months ago as my MS has deteriorated and as such, we are paying our mortgage,bills and bringing up three children on just one wage now. We are falling behind on our mortgage and have looked at the governments Mortgage Rescue Scheme. I really would like to stay in our house. It's nothing fancy, just a terraced house, BUT it is close to our children's schools which is important as I am disabled and have to get them to their bus stops and back. Also, I live 4 doors away from my parents who are an amazing support to us all, and I know they love being around their grandchildren. We have lived here for 10 years and it is Home to us.
We have looked into selling and buying a cheaper property, but there aren't any houses around £60k within 10 miles of us. We are even willing to have a 2 bed house and my husband and I would sleep downstairs. But we can't find anything we can afford.
We have spoken to an adviser regarding this rescue scheme, but it seems that we have to give up 10% equity (which is about all there is!) and we will not have the same tenancy rights as council tenants (i.e we can't buy back later, we can be evicted without reason after 3 years and can never house swap to move if we had to)
Has anyone gone through the Mortgage rescue Scheme? If so, what are your thoughts and experiences regarding this?
Would love to hear from you! x
I had to leave my job 18 months ago as my MS has deteriorated and as such, we are paying our mortgage,bills and bringing up three children on just one wage now. We are falling behind on our mortgage and have looked at the governments Mortgage Rescue Scheme. I really would like to stay in our house. It's nothing fancy, just a terraced house, BUT it is close to our children's schools which is important as I am disabled and have to get them to their bus stops and back. Also, I live 4 doors away from my parents who are an amazing support to us all, and I know they love being around their grandchildren. We have lived here for 10 years and it is Home to us.
We have looked into selling and buying a cheaper property, but there aren't any houses around £60k within 10 miles of us. We are even willing to have a 2 bed house and my husband and I would sleep downstairs. But we can't find anything we can afford.
We have spoken to an adviser regarding this rescue scheme, but it seems that we have to give up 10% equity (which is about all there is!) and we will not have the same tenancy rights as council tenants (i.e we can't buy back later, we can be evicted without reason after 3 years and can never house swap to move if we had to)
Has anyone gone through the Mortgage rescue Scheme? If so, what are your thoughts and experiences regarding this?
Would love to hear from you! x
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