Wakefield Council is launching a new scheme offering mortgage support to those aged 55 and over.
There are many residents in the district who took out interest-only mortgages and now find at the end of their term that they cannot pay back some, or all, of the money they originally borrowed.
The council’s Homesafe scheme offers advice, information and help to those aged 55 and over, with an interest-only mortgage. In many cases, financial support is available with an interest free loan.
Coun Denise Jeffery, Cabinet Member for Economic Growth and Skills, said: “Retirement can be a daunting time for many people, especially if you have concerns about paying off your mortgage, whether you owe the original balance or have a shortfall. Don’t be at risk of losing your home.
“If you, or someone you know, has an interest-only mortgage and is worried about how to repay it then please give us a call today. We can offer support, advice and, in some cases, financial help which gives time to consider alternatives.”
A loan could help stave off the immediate threat of eviction, and gives people time to consider their options such as repaying the loan, selling their property or using an equity release scheme to stay in their home.
The Homesafe scheme also works with mortgage providers to seek solutions and take the pressure off owners.
Homesafe is also available to people living outside the district. To find our more call 01924 305892 or email email@example.com.