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Mortgage rescue scheme helps customers to stay in their home

SARH News

Mortgage rescue scheme helps customers to stay in their home

Posted on 2nd March 2010

PEOPLE in danger of losing their homes because of the recession are getting help from Stafford and Rural Homes.

A mortgage rescue scheme is being run by SARH, in partnership with Stafford Borough Council and the Citizens’ Advice Bureau to help people struggling to make mortgage payments.

Colin Roff, Special Projects Officer for SARH, said: “The recession has hit many people hard, particularly homeowners with mortgages.

“The mortgage rescue scheme offers support to people with financial difficulties allowing them to stay in their homes and in the communities that they know well.

“The scheme also gives people peace of mind that their local support networks such as the schools, doctors, council, police and housing authorities will not change and they can continue to access help and advice easily.”

The mortgage rescue scheme is a government initiative and gives customers the option of selling their home to a housing association while remaining in the property as a tenant paying an affordable rent.

Since the initiative was launched in Stafford last year, SARH has helped three families through the scheme.

To benefit from the scheme applicants must contact Stafford Borough Council Housing Options Team and to qualify the household must include someone in priority need.

This could be an expectant mother, someone with dependant children, or someone who is vulnerable because of old age or a mental or physical disability.

If an applicant qualifies their home is then independently surveyed by housing organisation Orbit Group to determine its value.

If the property is within the Stafford area it is referred to SARH who will decide , on a number of factors, whether to purchase.

If SARH buys the property they can then receive a 65 percent grant from the Homes and Communities Agency against the price, and the occupier becomes a customer.

A further grant is then available for any improvement work that needs to be done to the property.

Karen Armitage, Chief Executive of Stafford and Rural Homes, said: “Stafford and Rural Homes is committed to investing in affordable housing in the Borough of Stafford and the mortgage rescue scheme has already successfully helped three households to become more financially secure and more importantly to remain in their own homes ”

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    Stafford and Rural Homes
    Registered as a Charitable Community Benefit Society 7852
    Registered with the Regulator of Social Housing L4458 + VAT number: 135524133
    Registered Office: 1 Parker Court, Staffordshire Technology Park, Beaconside, Stafford, ST18 0WP
    • Home
    • About us
      • Our Homes Board
      • What We Do
      • Careers
      • Working with Us
      • Value For Money
    • SARH Customers
      • Coronavirus (COVID-19) Advice for customers
      • Online Services
      • Get Advice
      • Help us keep you safe
      • MyCommunity
        • Sponsorship
      • MyVoice – Get involved
    • Helping you live independently
      • Independent Living 55yrs Plus
      • You First Telecare Service
      • You First Wellbeing Service
      • Services For HAs And Local Authorities
      • You First Blog
    • Find a Property
      • Homes to Rent
      • Independent Living 55yrs Plus
      • Homes to Buy – Shared Ownership
      • SARH developments
      • Shops
      • Garages
    • Commercial Services
      • Telecare, Out of Hours Support and Lone Worker Monitoring
      • Commercial Units
      • Acquiring Land
    • FAQ
    • Contact us
      • Useful contacts
      • Complaints and feedback
      • News
        • Customer newsletters
      • Press team
      • Events
        • Manage Bookings
      • Document search