What steps should you take first?
All applications for assistance under the mortgage
rescue scheme must be made through Peterborough City Council, who
will assess your suitability for the scheme and assist you with the
application. However, the Mortgage Rescue Scheme is designed as a
last resort, and you will not be considered for the scheme unless
you have explored all other options first.
If you are experiencing mortgage difficulties, then the very
first step to take is to speak to your lender, who may be able
to;
• Reduce your monthly mortgage repayments for a
period
• Reduce the fees your lender charges you for missing or
making payments late
• Extend the length of your mortgage to reduce the monthly
repayments
• Add your arrears to the amount borrowed
• Support an application to the Homeowners Mortgage Support
scheme
• Offer you an interest-only mortgage
• Offer you a better loan rate
• Allow you time to sell your home, if this is what you want
to do
Whatever you do, do not ignore letters from your lender. Your
lender has a legal responsibility to look into all other options
before repossessing your home. You should always work with your
lender to explore possible ways to resolve your situation.