Mortgage Interest and income support

RevTimms

I know that the rules have changed today for income support and mortgage payments, but can anyone give me a link to the rules on how much and when mortgage payments can be paid when claiming income support and other means tested benefits.
Thank you.

[Deleted User]

mortgage interest can only be paid with I/S and only after week 39 of a claim,its also limited to the first 100k of a mortgage and the interest rate is set by the dwp so can sometimes differ from your lenders rate,tbh i`m not aware that anything has changed today except stamp duty and schemes to stop repossession.If you find yourself in a position where you have to wait 39 weeks its best to talk to your lender if you think you may have problems,they may offer an interest only period or an extension to your mortgage,both would reduce payments.

dmg24

I am not aware of a change in ISMI rules either - can anybody elaborate? x

Some groups do qualify for assistance before 39 weeks, depending on their personal circumstances and when the mortgage was first taken out.

zappster1966

Haven't heard anything regarding ISMI rule changes either ...

Only press release today from DWP was regarding occupational pensions regulations.

http://www.dwp.gov.uk/whatsnew/

zappster1966

Seemingly the waiting period is being lowered from 39 to 13 weeks from April 2009, according to BBC radio.

Still trying to find a link.

Rikki

Edited: It was an older article than I first realised.

zappster1966

This from the BBC ...
"People on income support or claiming job seekers allowance (JSA) will now be able to apply for much more government money to help repay the interest on their mortgages.
The waiting period for those on income support, or JSA, will be cut from 39 weeks to 13.
And the value of the mortgage on which the interest is repaid will go up from £100,000 to £175,000.
Around 200,000 people are already claiming this benefit, known as Income Support for Mortgage Interest.
The Department for Work and Pensions (DWP) says this extra help will stop 10,000 people being repossessed in the coming two years, at an estimated cost of £100m.
However, the new help will be limited to two years for JSA claimants, on the grounds that they should be able to get a job within that time."
http://news.bbc.co.uk/1/hi/business/7593898.stm

Still can't find anything official :-(

dmg24

Rikki, your information appears to be from 2003? x

Thanks zappster1966, will be interested to look at the finer details when the DWP publish this information (quite concerning that the BBC are quoting a DWP press release that is not in the DWP Media Centre!) x

Rikki

dmg24 wrote: »

Rikki, your information appears to be from 2003? x

Thanks zappster1966, will be interested to look at the finer details when the DWP publish this information (quite concerning that the BBC are quoting a DWP press release that is not in the DWP Media Centre!) x

I realised that after I posted. Must get my eyes tested. :rotfl:

bigbill

http://www.communities.gov.uk/news/corporate/950558

mummytofour

I am jumping up and down!!! I wish it was sooner than April the upper limit would come in. This is fantastic news for so many home owners and will re-address the rent/mortgage situation. It has been very unfair IMHO for so long that those that rent have more protection in times of need. After all, the ISMI only covers interest so effectively is renting from the bank. Home-owners still need to pay for repairs so that kind of balances out any profit that may be made form owning long term.

If thsi all follows through then it really will be a fabby thing and help so many.