Flexible grant rates will be available in the future for the government¹s Mortgage Rescue Scheme, the Homes and Communities Agency has announced.
The HCA, which funds the Mortgage Rescue on the behalf of the government, has pumped £285m into the scheme.
Local authorities are currently processing applications for the scheme and, if eligible, will be referred to the 23 housing associations asked to offer assistance.
The troubled scheme has been vigorously promoted in recent weeks by housing minister John Healey. He recently announced support for flexible rates at the National Housing Federation¹s conference in Birmingham.
By September this year only 605 homes had applied, and of those 46 received an offer from a Registered Social Landlord. It is hoped the new cash will encourage more to apply.
The HCA has also written to investment partners informing them to be prepared for an increased number of applications. It is part of the agency¹s plans to extend the overall number of associations offering Mortgage Rescue.
Mr Healey said: 'We¹ve seen recent falls in the number of repossessions, but people are still under pressure and the risks will remain high.'
HCA chief executive Bob Kerslake said: 'The sector needs to make help more widely available.
'We need to get more of our housing association partners involved.'
Mr Pothole: Fix our roads before another life is lost
Britain’s roads are in crisis – and no one knows that better than Mark Morrell, aka Mr Pothole. LocalGov reports.
