Mortgage Rescue in Scotland

A mortgage to rent scheme has existed in Scotland since January 2003. The scheme offers borrowers facing possession of their home the option of selling it to a housing association who will allow the borrower to remain in the property as a tenant paying a social rent. The proceeds of the sale will be used to pay the off the mortgage and any arrears.

On 25 June 2008, the Scottish Government announced the creation of a homeowners support fund to assist those in difficulty with their mortgage. The fund is to include an amended mortgage to rent scheme, a new mortgage to shared equity scheme and additional financial assistance to advice agencies. The amended mortgage to rent scheme and the new mortgage to shared equity scheme were introduced on 16 March 2009.

If you are having difficulty paying your mortgage, talk to your lender. Further information for consumers on what do if you are worried about your mortgage can be found on the CML website.