Struggling homeowners given a lifeline by housing provider
By Effective Communication
Families struggling to keep up with their mortgage repayments are being given help to stay in their homes by social housing provider Grŵp Gwalia.
Swansea-based Grŵp Gwalia is helping private homeowners across South West Wales who are in financial difficulty and facing repossession.
With the help of the Mortgage Rescue Scheme – a £9.5m Welsh Assembly Government funding initiative – Grŵp Gwalia is helping eligible private homeowners to either agree an equity loan to reduce their mortgage, or to sell their home to Grŵp Gwalia and remain as tenants.
Already almost £160,000 has been granted to help three families to stay in their homes after receiving help from the fund, with a further two applications for assistance currently pending approval with the Welsh Assembly Government.
Up to the end of June, 25 homes had been bought by housing associations via the mortgage rescue scheme throughout Wales.
Repossession rates are soaring as a result of the recession, with the Council of Mortgage Lenders estimating 65,000 homes will be repossessed across the UK this year – the highest figure since 1992 and two-thirds higher than the total number of repossessions in 2008.
Stuart Davies, Director of Social and Affordable Housing Development at Grŵp Gwalia, said the association was delighted to be able to help people in need to stay in their own homes.
“The Mortgage Rescue Scheme is an extremely worthy one. My team has been working hard with the local authorities in the area to help as many eligible families as possible.
“I’m delighted that we have enabled two families to stay in their homes so far, and we will continue to seek to assist those in similar circumstances during these difficult times.”
The mortgage rescue scheme has strict eligibility criteria in order to assist those most in need. Homeowners should contact their local authority in the first instance before being referred to a housing association.
