The Mortgage Rescue Scheme monitoring statistics ‘housing live table’ gives information on the number of households approaching local authorities with mortgage difficulties, fast-track referrals and applications and acceptances for the scheme.
The scheme has 2 elements:
- the ‘Government Mortgage to Rent’ option which involves a RSL purchasing the homeowner’s property, enabling the household to remain in the property as a tenant on an assured short hold tenancy, paying an intermediate rent; and
- the ‘Shared Equity’ option which involves a RSL providing a loan to the homeowner to enable the homeowner’s monthly mortgage payments to be reduced
The figures, presented by Government Office Region, are based on Mortgage Rescue Scheme returns submitted to Communities and Local Government by local authorities and data from the fast-track case management system. Local authority figures do not contain estimates for missing returns. Information on the local authority response rate is provided alongside the reported figures for each period. Figures for different periods are shown on separate tabs in the workbook.
Following a consultation with users of the data (local authority representatives, housing associations, mortgage lenders and central government users), from August 2009, the release of summary Mortgage Rescue Scheme monitoring statistics moved to a quarterly publication schedule. The quarterly schedule allows the co-ordination of Mortgage Rescue Scheme monitoring statistics releases with the quarterly statistical publications on repossessions produced by the Ministry of Justice and the Council of Mortgage Lenders.