Owner-Occupiers with Mortgage Difficulties
The Mortgage Rights (Scotland) Act 2001 helps households who might otherwise become homeless when their homes are repossessed by giving them the breathing space they need to sort themselves out. The Act provides for debtors to request the court in certain circumstances to give them time to secure alternative accommodation or, where possible, repay any arrears and get their mortgage back on track.
The Mortgage to Rent Scheme will provide help to households in mortgage difficulties by offering the flexibility to change the tenure of their home - from ownership to a tenancy in the social rented sector. The Scheme complements the assistance provided through the Mortgage Rights (Scotland) Act 2001 and will enable families to stay in their homes, reducing the likelihood of disruption and avoiding other negative effects of repossession. The Scheme is in the final stages of development and is administered by Communities Scotland.
For more information click on the link below.
Mortgage Rights Act booklet