If you own your home and are in danger of having it repossessed we may be able to help you. The Scottish Government operates two schemes, as part of the Home Owners' Support Fund, to help owners who are experiencing difficulty in paying any loans that are secured against their property - the Mortgage to Rent scheme and the Mortgage to Shared Equity scheme. Under the Mortgage to Rent scheme we can arrange for a social landlord - such as a housing association or local authority - to buy your home and for you to continue to live there as a tenant. The Mortgage to Shared Equity scheme involves the Scottish Government taking a financial stake in your home. You will still own your home and continue to have responsibility for maintaining and insuring it. But you will be able to reduce the amount you have to pay to your lender every month. You can find out more about these schemes from the information leaflet.
If you are experiencing difficulty in paying any loans that are secured against you home you should tell your lender(s) immediately. You may be able to come to an agreement with them. If not, you should seek independent advice about your financial situation. There are a range of organisations that can provide you with free impartial advice.
Before you can be considered for the Home Owners' Support Fund you must have obtained independent advice about your financial situation from a Citizens Advice Bureau, Money Advice outlet, local authority money advice centre, or other approved adviser. In addition, you must have failed to reach agreement with your lender(s) on how to manage your arrears. A number of other eligibility criteria apply - for example the value of your home must be less than the maximum levels we have set depending on the size and location of your home - you can find out more about these other criteria in the information leaflet.
If you have taken free impartial advice about your situation and would like to apply to the Home Owners' Support Fund you need to complete an application form. It is important that you complete the form in full and provide us with all the supporting information we ask for. If we don't receive this we won't be able to consider your application and we will return it to you requesting further information. This means it will take longer for us to let you know whether you are eligible. And this may put you at greater risk of losing your home.
Remember, we can't consider your application if you haven't taken free impartial advice. Your application will need to include a letter from your adviser confirming that you have taken independent advice.
Administrative procedures for the Home Owners' Support Fund have been produced for registered social landlords, local authorities, independent money advisers, the Scottish Government and its agents.