Government adverts for those on the brink of repossession

| September 8, 2009 | 0 Comments
”Government

The Government is to target areas of England with high levels of repossession with a new advertising campaign, the BBC has reported.

Hotspots include: Barking and Dagenham, Corby, Knowsley, Salford, Newham, Walsall, Redditch, Halton, Sandwell, Wolverhampton, Bolton, Reading, Swindon, Northampton, and Cannock Chase.

Nottingham, Birmingham, Manchester, Liverpool, Sunderland, Wigan, and Kingston-upon-Hull are some of the major conurbations involved in the push to inform struggling homeowners.

In January, the Government set up a mortgage rescue scheme aimed at helping vulnerable families facing repossession.

The £200 million package allows participants to sell their homes to their local authorities and then rent them back, or to take out a shared equity loan to reduce monthly repayments.

However, only 15 households have benefited from the initiative so far, despite estimates that around 6,000 homeowners could be helped.

The new advertising campaign will urge struggling homeowners to seek early assistance if they are worried about mortgage repayments.

It is being backed by the formation of a “fast-track” team that will oversee applications to the mortgage rescue scheme.

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