Rent to buy
Rent to buy offers the opportunity to rent a newly built home on an Intermediate rent basis.
This allows you to rent a home at a rent which is charged at approximately 20% lower than you would expect to pay for a similar home on the open market. You can do this for up to five years with the option to buy the home through shared ownership when you are ready to buy in the longer term.
If you rent a home through Rent to buy, you can make an offer to buy the home on Shared ownership terms when you can afford to; this can be done at anytime during the tenancy provided.
When you decide to buy, your housing provider will make an assessment of what share of the property can be bought, based on an independent financial assessment of what you can afford. Terms and incentives vary by development. From the information you gave you may not be eligible for this option.
Based on the information provided this may not be a suitable option.
Mortgage rescue scheme
The Government-based mortgage rescue scheme that was introduced to help vulnerable homeowners to stay in their home has now been abolished and no further applications will be accepted from 31 March 2014.
However, if you are having serious difficulties in making repayments towards your mortgage and are in danger of entering in to mortgage arrears, there are several steps which can be taken that may help you keep up with your payments.