Spectrum Completes on First Mortgage Rescue
Nina and Stuart Tilling will be staying in their home in Cowes on the Isle of Wight thanks to an initiative which aims to keep people in their own home if they are facing tough financial times.
The Mortgage Rescue Scheme, set up in 2008, aims to assist families and vulnerable people at risk of repossession to avoid homelessness. It is only available to those who the Local Authority would have a duty to house under the homelessness legislation.
Western Challenge Housing Association, part of Spectrum Housing Group, accessed funding through the Homes and Communities Agency to be able to purchase Mr and Mrs Tilling’s home to enable them to remain in their home and rent it instead from the Association, thus reducing the financial burden on their family.
Nina and Stuart Tilling said,” Stuart was made redundant and we were finding it hard to cope financially, we were behind in our mortgage payments and having our home repossessed was looming on the horizon. The Mortgage Rescue Scheme means that we have been able to stay in our own home, therefore the stress of finding other accommodation and having to move has been eliminated. Our children have not had the upset of leaving their home and we can still feel that this is our home, but the financial pressure has been removed.”
Spectrum Housing Group’s philosophy is about providing housing to those who need it and this scheme enables this. Over the next year (subject to the outcomes from the Government’s emergency budget later on this month) the Group hopes to facilitate a further 19 mortgage rescues in its area of operation.
Ends: With photo of Mr and Mrs Tilling.