Mortgage arrears or payment problems
The Housing Advice Unit at Waltham Forest Housing Services gives free advice on housing matters to all residents within the borough.
If you are worried about keeping up with your mortgage repayments, help is available. You must get advice as soon as possible. Talk to your lender first of all - repossession should always be a last resort and they should discuss alternative payment arrangements with you.
» Further details about the help available from your lender can be found on the DirectGov website
It is essential that you get the right advice to meet your needs. You want to solve your problems, not add to them! You may see advertisements for independent financial advisors who provide money advice, but these people may charge for their services, so always check first.
You may also receive publicity from companies who will buy your home and rent it back to you on ‘rent-back’ or ‘sell-to-let’ schemes. Although these are legal, they are not fully regulated; selling your house to this type of scheme may reduce or pay off your debts, but you will no longer own your own home. Your new landlord may increase your rent, or ask you to leave after six or twelve months. The Government’s mortgage rescue scheme may be more suitable for you if you are considering this option.
If you have been unable to come to a satisfactory arrangement with your lender, or if you need further help, here are some of the options that are available to you:
Support for Mortgage Interest
If you are receiving income-related benefits such as Income Support or income-based Jobseeker's Allowance, you may be entitled to Support for Mortgage Interest as part of your benefit. On 5 January 2009, a temporary package of measures was introduced to provide extra help for homeowners with mortgage problems.
» For full details, visit the JobCentre Plus website
Homeowners Mortgage Support
If your household's income has dropped unexpectedly, eg if you can no longer work overtime, have had your hours cut or if you had two part-time jobs, but have lost one, you may be able to get help from Homeowners Mortgage Support. It could help you reduce the monthly interest payments on your mortgage for a fixed time. If you are accepted for HMS, your lender will delay some of the monthly interest due on your mortgage. This will reduce your payments for up to two years. The money isn’t written off – you’ll have to pay it back eventually, with interest.
» For more information, visit the DirectGov website
Mortgage Rescue Scheme
If you are in serious difficulties and will become homeless if you are repossessed, you may be eligible for the Mortgage Rescue Scheme. This scheme is for vulnerable families, like the elderly, disabled or those with children. Eligibility is also dependant on your income, the value of your house and the amount you owe. For Waltham Forest residents, this scheme is coordinated by the Housing Advice Unit in partnership with Citizens’ Advice and Metropolitan Housing Association
If you are eligible for the Mortgage Rescue scheme, you can be offered one of two options. If you have had difficulties paying your mortgage but are likely to be able to afford home ownership again in the future, you may be given an opportunity to sell a share of property to a housing association. This would mean cheaper monthly mortgage repayments with the option to buy back their share in the future. If you are unlikely to be able to make mortgage payments in the future, you may be able to sell your property to the housing association but remain in the home as a tenant, paying an affordable rent.
Both options enable you to remain in your properties.
» Further details are available on the DirectGov website
Repossessions Prevention Fund
This Fund is administered by the Housing Advice Unit and is available to people threatened with homelessness either through repossession or eviction, where a loan from the fund would prevent repossessions. For example, it could be used to reduce mortgage or second charge arrears in appropriate cases. The maximum loan is £5,000 per household, and is conditional on you agreeing to acting on debt advice provided and being able to meet any existing or newly negotiated monthly repayments.
The fund is also available to private tenants with rent arrears.
For further information about any of these schemes, or if you need any advice about your housing problems, please contact us:
Housing Advice Unit
Cedar Wood House
2d Fulbourne Rd
Walthamstow
E17 4GG
Tel: 020 8496 3000
Email: housing.advice@walthamforest.gov.uk
Opening hours
9am – 4.30pm Monday to Thursday
10am – 4.30pm Friday
Debt Advice
For further advice about debts, you can also contact any of the following agencies:
The Citizens’ Advice Bureau can provide free and confidential advice about financial and legal problems, and can direct you to the support you need. You can get advice online at www.adviceguide.org.uk or contact a local office directly:
CAB Walthamstow
167 Hoe St
Walthamstow
E17 3AL
Tel: 0870 1264 026
CAB Leytonstone
Greater London House
547-551 High Rd
Leytonstone
E11 4PB
Tel: 0208 988 9620
Waltham Forest Credit Union - credit unions are official cooperatives where members’ savings earn interest, which is then used to provide low-cost loans to other members. Membership of Waltham Forest Credit Union is open to anyone who lives or works in Waltham Forest. For more information visit www.wfccu.org or contact the Credit Union at:
Harmony Hall
10 Truro Rd
Walthamstow
E17 7BY
Tel: 020 8520 8740
Email: enquiries@wfccu.org
Community Legal Advice provides legal advice in England and Wales.
Tel: 0845 345 4 345 or visit www.clsdirect.org.uk
Consumer Credit Counselling offers you help to deal with multiple debts.
Tel: 0800 138 1111 or visit www.cccs.co.uk
National Debtline helps you deal with your debt problems.
Tel: 0808 808 4000 or visit www.nationaldebtline.co.uk
Further information
Download a copy of the Homeowners Mortgage Support leaflet (2MB PDF file)
Download a copy of 'Are you worried about your mortgage? Get Advice now (NHAS)' (442KB PDF file)
Leaflets online
There is a full range of Housing Services leaflets available here.
These leaflets are all available free of charge, by downloading from this website, by post or in person from our office.
How to contact us
Housing Services
Cedar Wood House
2d Fulbourne Road
Walthamstow E17 4GG (map)
Tel: 020 8496 3000
Fax: 020 8496 5431
Opening hours
9am – 4.30pm Monday to Thursday
10am – 4.30pm Friday
