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RBH News
ALMO takes on Mortgage Rescue
February 18, 2010, 02:37:25 PM
| We are set to become the first ALMO in the country to participate in the government’s Mortgage Rescue Scheme. Brighter Horizons the charitable subsidiary of Rochdale Boroughwide Housing has successfully applied to take part in the scheme and a seal of approval from Rochdale Council means it can help up to ten households over the next year.
Gareth Swarbrick our Chief Executive said: “Rochdale has one of the highest numbers of repossessions in the North West and clearly there is a great demand for this type of assistance. Thirty five percent of the scheme costs will be coming from prudential borrowing via the Council and without the support of the Council this scheme would not have been able to go ahead.”
The latest figures from the Financial Services Authority show that the number of mortgage holders behind with their mortgage payments increased by 16% in the third quarter of 2009. An average of 395,000 mortgage holders were in arrears between July and September.
In October, the Homes & Communities Agency (HCA) urged its 76 investment partners to increase the Mortgage Rescue Scheme’s capacity and as a result more landlords have applied and been accepted – Brighter Horizons being one.
Any family eligible will have to demonstrate their financial ability to afford the rent for the rescued property. RBH will be targeting those homeowners who live on their estates and have been accepted through the Mortgage Rescue Scheme.
The Mortgage Rescue Scheme in Greater Manchester is administered by Great Places Housing Group. Brighter Horizons will step in to own the properties and RBH will manage them.
Deborah McLaughlin, Regional Director North West of the HCA, said: “It's great news that Rochdale Boroughwide Housing is becoming so actively involved in the Mortgage Rescue Scheme. The economic downturn has left many homeowners in trouble, and repossession is a last-ditch solution that doesn’t benefit homeowners or lenders. Through preventative work such as this in Rochdale, Mortgage Rescue is now starting to offer a valuable alternative and provide help in supporting families stay in their homes.”
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