Connells Survey & Valuation Limited has signed an exclusive contract to provide property surveys for borrowers helped under the Communities and Local Government Mortgage Rescue Fast Track Scheme.
Over the next two years, the scheme aims to help several thousand households vulnerable to losing their homes through repossession.
Mortgage Rescue operates by bringing together local authorities, Registered Social Landlords (RSL), lenders and debt advice agencies. There are two key elements to the scheme. Firstly, shared equity - where the RSL provides an equity loan, enabling householders’ mortgage payments to be reduced. Secondly, Government mortgage to rent - where the RSL purchases the property and the householder pays rent to the RSL at a level they can afford.
This new contract has been secured through Connells’ existing partnership with King Sturge, a leading provider of property services to the UK industrial, office, retail, leisure, healthcare and residential sectors.
Ross Bowen, Managing Director at Connells Survey & Valuation Limited, says: “We are delighted to being working alongside King Sturge to support the CLG. The Mortgage Rescue Scheme is a landmark initiative and has already started to make a critical difference to a number of the most vulnerable families in the UK.”
Andrew Frost, Partner at King Sturge LLP, says: “Choosing the right supplier in this key area of our business is more important now than ever. Connells credentials for delivering quality service and their ability to tailor their systems to meet our changing needs is testament to their success”.
See Also: Property News (6699), Communities and Local Government (10), Mortgage Rescue (1)
Date Published: 20 January 2010
Related News
