Homeowners in South Staffordshire, Cannock and Shropshire who are struggling to pay their mortgages and fear repossession, have been given a lifeline thanks to leading West Midlands housing organisation, Housing Plus.
Through the Government’s mortgage rescue scheme, homeowners who are unable to keep up with their mortgage repayments can now apply to have their home purchased by their housing association. In return, their mortgage debt is cleared and they can continue living in their property as a housing tenant.
Orbit Housing Group, the appointed regional mortgage rescue scheme provider for the West Midlands, has made Housing Plus a syndicator for the initiative. In this role, Housing Plus can buy properties through its South Staffordshire Housing Association (SSHA) subsidiary and upgrade them to Decent Homes standard via its responsive repair contractor Property Care. Throughout this period, the previous owners continue living in their home.
SSHA receives a 55 per cent grant towards the property’s purchase price and a further 55 per cent funding for any repair and maintenance works required. Commenting on the initiative, Ursula Bennion, director of business development at Housing Plus, said: “In these challenging times, initiatives such as the mortgage rescue scheme provide a much-needed safety net.
“It allows, during this stressful period, for a family to remain in their home without being uprooted, which means children don’t have to move schools, parents needn’t change jobs and local support networks aren’t lost.”
SSHA has already purchased homes in Great Wyrley, Coven, Cannock, Bridgnorth and Brewood and is considering 11 more across the region.