Decision Making
'I believe mortgage rescue to be a 'saviour'. You still feel as though you're selling and that it has not reached repossession, which after all the turmoil leading to it leaves you with a bit of dignity.'
Miss R, Caerau, Cardiff
For us to support a mortgage rescue all of the following must comply.
Location
We check if the home owner resides in one of the following areas:
• Bridgend
• Cardiff
• Merthyr Tydfil
• Rhondda Cynon Taf
WAG Criteria
Is there proof that legal action began to repossess the property?
Has a threat of legal action began to repossess the property?
Is the home owner disabled?
Is the property adapted?
LA Support
Confirmation that the LA support the mortgage Rescue? (email or completed proforma)
Are the owners vulnerable?
Level of Debt
Does the level of debt (and value of works) exceed the valuation of the property?
• Ensure a recent valuation of the property is in place
• Mortgage Redemption value and a redemption statement is in place
• Ensure the property has been inspected and the cost of works supplied
Ensure that all debts are listed
Property Condition
Confirmation of the property inspection (your help clearing rubbish and belongings away to allow an inspection would be appreciated)
Has report and costs been produced?
We do not accept properties that are built through non traditional methods or will cost us high amounts to maintain and upkeep.
Maintenance Department
Is the condition and type together with the value of works acceptable?
Acceptable Cost Guidance Levels
Does the settlement price (purchase and WHQS works required) meet WAGs Acceptable Cost Guidance values?
Ability to Relet
Is the Mortgage Rescue property one we can relet if required?
• Is the location (town, estate, street) acceptable?
• Is the property type (I.e. traditional build, flat in a block) acceptable?
• Is the size of property acceptable?
• Is the condition of the property acceptable?
Have the neighbourhood services (housing) team agreed to manage the property?
Authorisation
If all the criteria is met the Home Ownership Officer will make a recommendation to support the mortgage rescue to be confirmed by the Business Development Manager.
Appeal
If you are unhappy about any of our decisions you have the write to appeal by writing to:
The Mortgage Rescue Section
Hafod Housing Association
St Hilary Court
Copthorne Way
Culverhouse Cross
Cardiff CF5 6ES
