Help available from borough council for people at risk of their home being repossessed (From Basingstoke Gazette)
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Help available from borough council for people at risk of their home being repossessed
PEOPLE at risk of having their home repossessed can now approach the borough council for help.
Basingstoke and Deane Borough Council has launched Mortgage Rescue – a Government-backed scheme to help residents under threat of losing their home.
There are two support options. The first lets the homeowner sell their property to Radian Housing Association and continue to live in the property as a renting tenant. The second is where Radian Housing will give the household a shared-equity loan to reduce monthly payments.
The scheme is only available to people with an annual income below £60,000, and the home is worth less than £240,000.
The applicant, or the household, must also be classed as “vulnerable” under housing rules. This means that they may have dependent children, are pregnant or vulnerable due to illness or disability.
Councillor Rob Golding, borough Cabinet member for housing and regeneration, said: “It is important that people are aware that help is out there. As a council, we are keen to do all that we can to help people remain in their homes.
“It is so important that if anyone is facing the possibility of losing their home that they come and speak to our specialist team. Many people are not sure what options are available to them and we aim to provide them with the right help and advice to make informed decisions.
“We can work with Radian to help people remain in their homes.”
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