Help is at hand for residents struggling to pay their mortgage in the current credit crunch.

Bury Council is taking part in the Government’s £200 million Mortgage Rescue Scheme, to prevent vulnerable families losing their homes through repossession.

The scheme is specifically aimed at families who have had all the help their lender is willing to offer.

There are two possible solutions the scheme can provide, but only the most suitable option will be offered:

* Shared equity – this is where Plumlife provides a low-interest loan to pay off some of the mortgage and reduce the monthly mortgage payments. The loan will be secured on the home but you will still own the property.

* Mortgage to rent – Plumlife buys the property and you become their tenant and pay them rent.

Plumlife is the HomeBuy agent for Greater Manchester, Lancashire and South Yorkshire.

Only people who are eligible for homeless assistance will qualify.

You may be eligible for mortgage rescue if you are struggling to pay your mortgage and:

• You or someone living with you has dependent children (i.e 15 or younger or a person aged 16 to 18 who is a full time student) who live with you.
• You or someone you live with is pregnant, elderly, ill or disabled.

You will not be eligible if you own any other properties or your household income is more than £60,000 a year.

In addition, there are limits on the value of your property that may stop you applying for this help.

The council will carry out a detailed assessment and decide whether you are eligible. They will also have to make sure that you own and live in the property, and that you want to stay there.

To find out more, please contact the Affordable Housing Officer on 0161 253 7652 or e-mail affordablehousing@bury.gov.uk.

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