Problems paying your mortgage
Breathing Space offers an interest free secured loan that provides help to pay your mortgage. You will have to repay the loan at the end of three years.
The loan offers only short-term help, so you should have an expectation that you will be able to afford your mortgage payments in the future, and that you will be able to repay the Breathing Space loan.
The loan can pay your mortgage and/or your continuing mortgage instalments and secured loan arrears and instalments for upto 12 months, depending on your circumstances.
You can apply to the scheme through the local authority by contacting the Housing Options team. The amount you borrow can be between £2000 and £15000. The amount you are offered will be decided by the local authority. Once referred a detailed assessment of your application will be necessary, including:
- an assessment of your financial circumstances
- a credit reference search
- a property valuation
The Government had introduced its own Mortgage Rescue Scheme, designed to prevent some of the most vulnerable families losing their homes and experiencing the trauma of repossession.
City of York Council operate a limited mortgage repossession fund.
The National Homelessness Advice Service (NHAS) has produced a leaflet for people worried about keeping up with their mortgage payments entitled "Are you worried about your mortgage?".