Video of London's first Mortgage Rescue case

On Friday 22 May L&Q completed the first Mortgage Rescue case in London as part of the Government backed scheme.

Recently the Government launched Building Britain's Future. As part of this L&Q's Mortgage Rescue case was interviewed along with L&Q's Tom Bremner, Neighbourhood Director for South East London.

About Paul & Margaret:

Paul Rice (46) and Margaret MacMann (41) along with their two children aged 13 and 4 have lived in their home in Greenwich, South East London for 14 years purchasing the property 6 years ago.

Sadly Mr Rice was involved in a road traffic accident two years ago and is now severely disabled and unlikely to work again. Although at the time, both he and Ms MacMann were employed full time, following the accident, Ms MacMann has become his full time carer. As a result they have been unable to keep up payments on their mortgage and their lender was seeking a possession order.

Mr. Rice contacted his local authority, Greenwich Council where he received free debt advice and support. Greenwich Council, as part of the support package available to residents in need, also represented the family in court. Following financial assessments his case was referred to L&Q.

Mr. Rice said "We are so thankful for the help we received from L&Q and the Council. To be able to stay in our family home means so much, especially after all that has happened. It means that our children can stay near their friends and we do not have to try and find somewhere else to live."

About Mortgage Rescue

Those wishing to enter the Mortgage Rescue scheme have to be deemed in housing priority by their local council before any case is referred to an RSL.

To be eligible for Mortgage Rescue, the household must include someone with priority needs as defined in the Housing Act 1996 (and Priority Needs Order 2001):

• a pregnant women
• a person with dependant children
  
• a person who is vulnerable as a result of old age, mental illness, handicap or a disability

Other eligibility conditions set out by the Homes and Communities Agency (HCA) include:

• The household income must not exceed £60,000
• The property must not be worth over £305,000 (in London)
• The customer must have at least a 3% equity in the property

For more information on Mortgage Rescue visit DirectGov