Council votes to continue mortgage support
Older people in North East Lincolnshire are to get the offer of financial assistance to help with interest-only mortgages.
An extension to the Mortgage Breathing Space scheme, has been agreed by members of North East Lincolnshire’s Cabinet .
The existing scheme, administered by Wakefield Council, offers a loan of between £2,000 and £15,000 to pay mortgage instalments for up to 12 months, dependent upon individual circumstances, and is due for repayment after 3 years.
The additional scheme offers residents aged 55 and over who are coming to the end of an interest-only mortgage, an interest free secured loan to redeem the balance of a mortgage or provide a lump sum to enable lenders to suspend action, up to a maximum of £15,000.
The scheme will give more residents the chance to access help to prevent homelessness, helping them to meet living expenses and remain in their own homes for longer.
Councillor Peter Wheatley, portfolio holder for housing, said: “The Mortgage Breathing Space scheme has proven to be successful in helping local people out of difficult situations and keeping them in their own homes – in many cases indefinitely.
“In cases where the individual is unable to remain in their own home, the scheme can help to look at a planned move, ensuring continued stability for the individual.
Councillor Jane Hyldon-King, portfolio holder for health and wellbeing, said: “Financial problems can cause a lot of worry for older residents and can lead to prolonged health problems.
“This scheme will help to lessen the impact of homelessness in our area.”