Credit crunch – help available should EK homeowners face repossession
A mortgage rescue package has been put together by Leeds, Harrogate and York Councils to help people in the ‘golden triangle’ between them facing repossession for mortgage arrears. East Keswick is at the centre of this area and ‘HomeSave Plus’ as the scheme is known, will be available to help them.
Coun Andrew Carter, Leeds City Council's executive board member for affordable housing, said:
"House prices in the Golden Triangle area are comparable to parts of London, yet income levels are much lower and, as the economic situation has changed, so we have shifted our priorities away from helping people buy a home to helping homeowners keep one."
Homeowners would only be eligible for partnership cash when all available options had been exhausted. They would receive an equity loan to pay off arrears, with help to repay monthly instalments; or will be able to reduce their outstanding mortgage to a more affordable level.
They will have to repay the cash, but the scheme aims to give families and vulnerable homeowners the chance to get back on their feet or allow them time to sell the property.
The project will run until March, with extra funding secured from April. The £600,000 fund has come from central Government, allocated by the Regional Housing Board. The Government has also introduced a National Mortgage Rescue Scheme and eligible homeowners will be able to apply to both schemes.
For more details ring the Golden Triangle Partnership on 0113 247 5885