Radian completes 100th Mortgage Rescue

Tuesday 8th June 2010

Radian has recently completed its 100th Mortgage Rescue. Having been the first organisation to oversee a completion in the South East of England, within the last year Radian has secured homes for 100 families that had been threatened by the risk of homelessness.

Radian is in the top three organisations in the country for the number of successfully completed Mortgage Rescues since the previous government launched the scheme in April 2009. The scheme enables home owners, facing severe financial difficulties, to sell all or part of their property to a housing association and then rent it back, or drastically reduce their mortgage payments; allowing them to stay in their own home without fear of repossession.

The £285m package of measures was designed to prevent some of the most vulnerable households to remain in their home, protecting them from homelessness and the other adverse social impacts associated with repossession. The cost of repossession also presents a significant burden for the Exchequer and the scheme reduces the Housing Benefit burdens associated with this.

Christopher and Diane Kendall from Gosport were the couple that received Radian’s 100th Mortgage Rescue completion. They have lived in the area since 1976 and have raised two children who both go to local schools. Christopher worked in a local factory until he injured his back at work and has been waiting four years for an operation to correct the damage.

After initially helping them out, the Kendall’s mortgage company finally threatened court proceedings and Christopher and Diane sought help. Turning to the Citizens Advice Bureau they were informed about the Mortgage Rescue scheme and how to apply.

Christopher Kendall said, “It’s been brilliant. We didn’t know anything about the Mortgage Rescue scheme and it’s been a Godsend for us, making our home much more affordable. We would recommend anyone who is the position that we were and is being threatened with losing their house, to find out about the scheme. You might not qualify, but it’s worth a try.”

Lindsay Todd, Radian Chief Executive said, “In line with Radian’s vision and values, we want local people to thrive within the communities in which they live. Ensuring residents have a safe and affordable home in which to bring up their families is paramount to us.”

Posted by Kim for Radian Group Ltd.