A new government scheme to assist people who face having their homes repossessed has been put into practice by an affordable homes specialist.

Plumlife worked with the Homes and Communities Agency (HCA), the Department for Communities and Local Government and Oldham Council to buy a family's home and rent it back to them at a price they could afford.

"The economic downturn has left many homeowners in trouble and repossession is a last-ditch solution that doesn't benefit homeowners or lenders," commented Deborah McLaughlin, regional director of the HCA.

"As someone who loses their home would need to be rehoused anyway, it makes sense to buy their home and rent it to them."

The Mortgage Rescue Plan is available in exceptional circumstances and allows eligible families to either take an equity loan or sell their home and live as tenants.

Plumlife is a not-for-profit company specialising in affordable homes and shared and low-cost ownership.
Source: 19/08/09