Issue - meetings
Breathing Space - over 55s
Meeting: 04/04/2016 - Decision Session - Executive Member for Finance and Major Projects (Item 40)
40 Mortgage Rescue Scheme - Mortgage Breathing Space 
PDF 206 KB
This report asks the Executive Member toagree to the extension of the ‘Breathing Space’ Mortgage Rescue Scheme to home owners aged 55+ who are not being repossessed as a result of a recent and significant change in circumstances but who are in danger of losing their owned home because their mortgage term is coming to an end and they have not repaid all of the capital borrowing and do not have the means to do so.
Additional documents:
- Appendix - Wakefield MBC Report, item 40
PDF 430 KB
- Appendix - Wakefield impact-assessment-for BS55+ report, item 40
PDF 271 KB
Decision:
Resolved: That option 1 be agreed.
Reason: To extend the Breathing Space Mortgage Rescue Scheme to home owners aged over 55 to continue interest only mortgage repayments to prevent the loss of their home.
Minutes:
The Executive Member considered a report that asked him to agree to an extension of the Breathing Space Mortgage Rescue Scheme to home owners aged 55+ who were not being repossessed as a result of a recent and significant change in circumstances, but who were in danger of losing their owned home because their mortgage term was coming to an end and they had not repaid all of the capitol borrowing and did not have the means to do so.
Officers gave an update and confirmed that the ‘Mortgage Breathing Space’ scheme was developed regionally and there was no financial liability to City of York Council since Wakefield Borough Council administered the loans on behalf of other local authorities.
The Executive Member noted the officers updated and agreed this was an excellent initiative.
Resolved: That option 1 be agreed.
Reason: To extend the Breathing Space Mortgage Rescue Scheme to home owners aged over 55 to continue interest only mortgage repayments to prevent the loss of their home.