Under Key Guarantee 1 (Option C), you would effectively experience a switch from paying a mortgage to paying a rent, where that rent is likely to be similar to your existing mortgage.
If you were unable to renew your existing mortgage, then Homes for Lambeth would step in and pay off your existing mortgage. As a consequence you would not be putting the full market value of your property into your new home and Homes for Lambeth will have had to borrow money in order to pay off your mortgage. Homes for Lambeth would therefore seek to recoup the cost of stepping in to pay off your mortgage by charging a rent on your property. The commitment in the Key Guarantees is that the rent that you would be charged would be calculated on the basis of the cost of having to step in and pay off your mortgage.
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