Mortgage Rescue Scheme (MRS)

[Latch Key Kid]

Hi

The Mortgage Rescue Scheme (MRS) has been in operation for some time now (a couple of years or so I believe) and has fairly recently been extended with arguably a serious amount of funding.

The Mortgage Rescue Scheme (MRS) has definitely helped a significant number of people stay in their homes however it can be a long winded stressful affair (and maybe a little controversial at times)

In April this year a number of significant changes were brought in that in my opinion made the scheme somewhat harder to access if you like.

Although there is a dedicated forum for professionals involved in advising & administering the MRS (mind you this seems to have gone quiet) there does not appear to be much around on the other forums apart from a couple of very good threads on MSE & perhaps a bit of a one on CAG.

With the above in mind I thought it might be a good idea to start a bit of a dedicated thread on this forum and give people a chance to access information /debate /discuss and report (if that is not too strong a word) on any experiences / feedback..positive or negative.

I hope this thread can be of some use and help to those who may be struggling with their mortgages and are looking for information etc on the scheme.

You can only try.

Here are a few links to information on the Mortgage Rescue Scheme (MRS) for anyone who might be interested.

http://www.direct.gov.uk/en/HomeAndC...ions/DG_174005

http://www.adviceguide.org.uk/index/...eme_in_england

http://england.shelter.org.uk/get_ad..._rescue_scheme


PS - In my experience the MRS is not something the fees chargers seem to get themselves too involved with.

[Latch Key Kid]

Re: Mortgage Rescue Scheme (MRS)

Hi

New and updated CAB Mortgage Rescue Scheme guide - includes property price cap guides / adviser guide link and tells it how it is.

http://www.mymoney.nedcab.org.uk/mon...scuescheme.asp

Not sure of any recent applications and take up stats etc, they seem to have gone to ground with these.

There was a substantial underspend on this scheme with applications on the dip I understand, not surprising though after they changed the rules a while ago, but nobody listed...again

Still, the scheme has been a lifeline and success for many and has always got to be worth a look / try in my opinion

[Latch Key Kid]

Re: Mortgage Rescue Scheme (MRS)

Hi

I found this fairly recent article on the Mortgage Rescue Scheme, shook my head in disbelief to be honest and thats coming from someone who has done a fair number of these including some ongoing, must watch what I say though, they might not like it, ooh..gooo.. on then, I will, what the hell....in my opinion its a disgrace!

http://www.insidehousing.co.uk/finan...524001.article


Interesting November 2012 Housing report here also

http://www.housing.org.uk/PDF/Housing%20Report%203.pdf

[labman]

Re: Mortgage Rescue Scheme (MRS)

I know someone who enquired about this just two weeks ago and was told, 'We are not buying at the moment.' Having read the above one has to question why. LKK - have you any idea what commitment there is to ongoing funding for keeping properties purchased maintained to the requisite standards? I wonder if the uncertainty of long term funding is putting some social housing associations off making further commitments which they may not be able to maintain.