The Government Mortgage Rescue scheme introduced on 1st January 2009 will provide £200 million of funding to help support the most vulnerable households facing repossession to remain in their homes.

The scheme is targeted at preventing homelessness and will provide a safety net for up to 6,000 households nationally over the next 2 years.

Under the scheme, eligible homeowners may be offered two options depending on their individual circumstances:

1. Shared Equity - to own their home on a shared equity basis, with a share being sold to a Housing Association.

2. Government Mortgage to Rent - the property is sold to a Housing Association enabling the homeowner to remain in the property as a Housing Association tenant on an assured shorthold tenancy, paying a sub-market rent.

For more information about the scheme please view Cheshire West and Chester Mortgage Rescue Scheme (PDF, 72 Kb), including how to apply and whether you qualify.