help with mortgage

FILBO_2

Hello I have posted this before but I cant seem to get the correct answers on the etile link,would anyone be able to advise on any benefits ..thank you

,I am a self employed plasterer with no work..its been like that for about 2 months
I am thinking of joining the unemployed,my partner was an estate agent but no longer works but doesnt claim either.We have a £187k interest only mortgage,costing £750 p/m +£150 p/m council tax.our savings are around 8k.Would we be able to claim for our mortgage as it is interest only,and what other benefits would we be entitled to,I am 50 and my partner is 49 and there are only the two of us living in our house....its very worrying....thank you...pete.

dmg24

Do you both intend to seek work?

FILBO_2

Yes,but up until several months ago I just thought work will pick up and I will earn enough to support both of us,neither of us have ever claimed anything before,but when it dawns on you that work isnt gong to pick up a decision has to be made as hard as it may be I have been self employed most of my working life.We are both very willing to enroll in the job center and look for work...thank you

dmg24

You can make a joint claim for JSA. You will get help with mortgage interest after thirteen weeks. A small deduction will be made due to you having savings over £6,000.

FILBO_2

Thank you.If its not a silly question if I pay £750 pcm for my mortgage interest how much of that would I be able to claim for...thank you again

tr82

FILBO wrote: »

Thank you.If its not a silly question if I pay £750 pcm for my mortgage interest how much of that would I be able to claim for...thank you again

£187,000 x 6.08% = £218.65 per week.

6.08% is the interest rate DWP base their calculations on at the moment.

Caz3121

tr82 wrote: »

£187,000 x 6.08% = £218.65 per week.

6.08% is the interest rate DWP base their calculations on at the moment.

This is based on the assumption that the mortgage is the original mortgage and is not original + additional borrowing
the 6.08% is likely to be changing next year
the money will be paid direct to your lender

FILBO_2

Thank you,thats a great help.

[Deleted User]

Caz3121 wrote: »

This is based on the assumption that the mortgage is the original mortgage and is not original + additional borrowing
the 6.08% is likely to be changing next year
the money will be paid direct to your lender

The 6.08% may change next year it may not,we will know on wednesday after the pre-budget statement.

pmlindyloo

Found this thread - a quick question.

If you are entitled to these housing costs and your interest rate is below 6.08%, are you (sorry, I mean the lender) still paid the full 6.08% ?

If you are what happens to the extra money?

Apologies if this is a daft question!

dmg24

pmlindyloo wrote: »

Found this thread - a quick question.

If you are entitled to these housing costs and your interest rate is below 6.08%, are you (sorry, I mean the lender) still paid the full 6.08% ?

If you are what happens to the extra money?

Apologies if this is a daft question!

Yes, you are still entitled to the full amount. The additional money will go straight to the lender, and cannot be paid to the claimant. Some lenders apply the extra as a deduction of the capital amount, some hold it as credit towards future payments.