Page last updated at 16:33 GMT, Thursday, 31 January 2008

Mortgage rescue scheme unveiled

Home being repossessed
Lenders have predicted 45,000 homes will be repossessed in 2008

A new scheme to rescue homeowners at risk of repossession in Teesside has won the backing of the local council.

Hambleton District Council has agreed to support a 'flexible tenure scheme' with a 100,000 grant.

Broadacres Housing Association will use the cash to purchase up to five at-risk properties and then offer the resident an assured tenancy on their home.

Where possible properties will be part-purchased to allow owners to retain some equity in their homes.

The council said the move will prevent homelessness.

Eric Kendall, the council's head of environment, added: "We are putting 100,000 into the scheme - money that has been received from developers for affordable housing provision.

"This scheme will rescue at least five households from repossession and homelessness so adding to the affordable housing stock of the district."


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific