Section 5 - Home ownership and mortgage difficulties - The Moray ...

Scottish Government - Home Owners' Support Fund Team
Phone: 0845 279 9999
Email: homeownersfund@scotland.gsi.gov.uk
Mortgage to Rent Scheme
If you apply successfully for the Mortgage to Rent scheme, your home will be bought
by a social landlord but you will continue to live there as a tenant. Your new
landlord will get funding from the Scottish Government to carry out any necessary
repairs so they can charge you a reasonable rent.
Due to changes introduced under the Housing (Scotland) Act 2010, if you are
accepted for the Mortgage to Rent scheme then you will not have the Right to Buy
your home from the social landlord.
Mortgage to Shared Equity Scheme
The Mortgage to Shared Equity (MSE) scheme allows home owners who can no
longer afford their mortgages and who have at least 25 per cent equity in their
property to reduce their level of secured debt while keeping a stake in the home.
Those that bought their home under the Scottish Government’s funded shared
ownership or shared equity schemes will not be considered under the Mortgage to
Shared Equity scheme.
5.5.3 Help to pay mortgage interest
Support for Mortgage Interest (SMI) payments can help homeowners with mortgage
interest payments and interest on loans for repairs and improvements. SMI is
usually paid directly to the lender and will only help pay the interest, not the amount
you borrowed.
More information can be found at your local Jobcentre Plus or online at
www.gov.uk/support-for-mortgage-interest/overview.
If you were getting Support for Mortgage Interest (SMI) but your situation changes
(for example because you are returning to work, working more hours or earning
more) then you may be entitled to Mortgage Interest Run On (MIRO). You will need
to tell your local Jobcentre Plus about the change to your circumstances, but you
should get these payments automatically.
Updated: 04 December 2012 Section 5 Page 12