Mortgage Rescue operates by bringing together local authorities, Registered Social Landlords (RSL), lenders and debt advice agencies. There are two key elements to the scheme. First, shared equity – where the RSL provides an equity loan, enabling householders’ mortgage payments to be reduced. Second, Government mortgage to rent – where the RSL purchases the property and the householder pays rent to the RSL at a level they can afford.
This new contract has been secured through Connells’ existing partnership with King Sturge, a leading provider of property services to the UK industrial, office, retail, leisure, healthcare and residential sectors.
Ross Bowen, Managing Director at Connells Survey & Valuation Limited, said: "The Mortgage Rescue Scheme is a landmark initiative and has already started to make a critical difference to a number of the most vulnerable families in the UK."
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