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In light of the current economic climate, the Mortgage Rescue Action Plan has been produced with a number of partners including Local Authorities, Housing Associations and the Council of Mortgage Lenders to provide support to struggling families and to make sure they know what help that is available.
A recent estimate suggested that there may be around 2,250 repossessions in Wales during 2009 and the Welsh Assembly Government is determined to do all it can to support the most vulnerable households.
The Plan includes steps to be taken to help people at risk of losing their homes. It includes actions to provide easier access to debt advice, specialist training for front line staff, new affordable housing solutions, (including opportunities for equity sharing), and development of a national Financial Inclusion Strategy.
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Ms Davies said: "The growing number of repossessions is a matter of concern for us. We are working hard to try to minimise the impact in Wales and to support families and individuals who are faced with extremely difficult circumstances. I hope that this plan will help them to find the help they need."
Responding to the economic downturn in 2008, the Welsh Assembly Government introduced a Mortgage Rescue Scheme, five months before a similar scheme was introduced in England. The grant can be used by Housing Associations to provide a Homebuy equity loan to reduce the outgoings of the householder to a manageable level. Where home ownership is not sustainable, the property can be purchased outright and the owner can be offered an assured tenancy to allow the household to remain in the home.
So far the scheme has helped 58 families stay in their home with £3.6 million of funding. An additional 49 properties are in the process of being purchased. For this financial year we will be providing £9.5 million of support.
(CD/JM)
