If you are a home owner and you are at risk of having your home repossessed, there a number of schemes available to help you. There is the Mortgage to Rent Scheme and the Mortgage to shared Equity Scheme.
The Scottish Government run both these schemes under the Home Owners Support Fund
Under the Mortgage to Rent Scheme your property would be bought by the council or a housing association and you would be able to stay on as a social tenant.
If you have paid over 25% of your mortgage then you may be eligible for the Mortgage to Shared Equity Scheme. Under this scheme the Government would buy a stake in their home. This therefore reduces the amount of debt secured against their home to a more manageable level.
The schemes are funded and administered by the Scottish Government. Applications are considered individually on a case by case basis. If you are eligible the Government decide which scheme to progress the application through. If the Mortgage to Rent Scheme is the best route, funding is made available to either West Dunbartonshire Council or one of the local housing associations to enable a social rent to be charged and for any necessary repairs to be carried out to bring the property up to a good standard of repair.
Mortgage to Rent and Mortgage to shared equity will not be right for everyone. To find out if it is best for you, you must speak to an advice agency for money, legal or housing advice. In fact, Scottish Government insists that all applicants have had financial advice before applying.
Further information on the Home Owners' Support Fund is available at the Scottish Governments website or you can email or phone.