This report provides information on the financial issues facing some older residents who have an interest only mortgage and outlines a proposal through the established Mortgage Breathing Space scheme to help reduce the risk of them losing their home.

In accepting the recommendations, Cabinet will approve an extension to the current Mortgage Breathing Space scheme and of the advice sought through Independent Financial Advisors as part of the Mortgage Breathing Space loan application to allow residents to look at their longer term options.

The subject of the decision:

This report provided information on the financial issues facing some older residents who had an interest only mortgage and outlined a proposal through the established Mortgage Breathing Space Scheme to help reduce the risk of them losing their home.

Alternative options considered:

None.

The reason for the decision:

Cabinet was satisfied that the extension of the scheme would support the corporate objective of preventing homelessness and providing homes for older generations by helping the over 55s by allowing them to remain in their own homes and avoid repossession.

THE DECISION:

That:-

(1)     the introduction of an extension to the current Mortgage Breathing Space Scheme be approved; and

(2)     the extension of the advice sought through Independent Financial Advisors as part of the Mortgage Breathing Space loan application to allow residents to look at their longer term options be approved.