.gif)
The non-profit-making company, part of Great Places Housing Group, worked with the Homes and Communities Agency, (HCA) the Department for Communities and Local Government and Oldham Council to buy a family's home, and rent it to them at an affordable rate.
Deborah McLaughlin, Regional Director of the HCA, said: "The economic downturn has left many homeowners in trouble, and repossession is a last-ditch solution that doesn’t benefit homeowners or lenders.
-- Advertisement --
"As someone who loses their home would need to be rehoused anyway, it makes sense to buy their home and rent it to them."
Matthew Harrison, Deputy Chief Executive of Great Places Housing Group added: "This was the first rescue case for us, and this approach seemed to be the most practical and logical solution in this situation. We are currently dealing with over 70 similar cases, and will look at each scenario individually. Where it’s feasible, we will look to step in and help the homeowner."
Those who undergo Mortgage Rescue can also benefit from improvements to their houses to bring them into line with the rest of Great Places' properties and the Government's Decent Homes standards.
The Mortgage Rescue plan is available in exceptional circumstances when eviction appears imminent. It allows eligible families to either take an equity loan to reduce their mortgage, or sell their home and remain as tenants.
(CD/KMcA)
