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Public money to provide mortgage safety-net
TAXPAYERS' money will be used to prevent financially-stricken homeowners losing their homes in some of Yorkshire's property hotspots through a £450,000 scheme due to be launched next month.
The project will aid householders living in the so-called Golden Triangle between York, Leeds and Harrogate who are struggling with mortgage repayments.
The credit crunch and falling property prices have left many homeowners facing a bleak future after the housing boom of recent years saw many take out massive mortgages.
The Yorkshire Post revealed in June that proposals for the mortgage rescue scheme were being drawn up, but York Council confirmed yesterday that the initiative was expected to go live in December.
The authority is a member of the Golden Triangle Partnership, which also includes Harrogate and Leeds councils and housing association representatives.
The partnership, which is funded by the Regional Housing Board, has set aside 450,000 in taxpayers' money to help to pay for the project that will be administered by Leeds Council.
The money will be split evenly between Leeds, Harrogate and York and the funding is expected to help to prevent 28 households from being repossessed during the current financial year.
The mortgage rescue scheme will involve housing associations taking equity stakes in homes which are at risk of repossession, thereby releasing funds for the owner to pay off arrears, manage debts or allow time for a planned sale.
The equity stakes will be ploughed back into the scheme when the property is sold, or the mortgage paid off.
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Saturday 26 May 2012
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