URGENT Changes to Morgage Interest Support [merged]

dave030445

dmg24 wrote: »

He's not ConDem by any chance is he? I don't hold out much hope with him!

I'm not feeling up to it tonight, but if you can hang on 24 hours I can think of some more specific questions to ask him, as well as giving him the information he has asked for.

hi hoping to speak to MP again tomorrow got those questions i can ask
cheers

cabbagepatchkid

Can you tell me how I can work out how much of my mortgage payment will be covered by the new rate of SMI. You said those with a £100k mortgage would need to find £50 extra does that mean those with £200k would need £100??

dave030445

If you give us your outstanding balance and your interest rate. We can work it out for you. If you dont want to put thise details on a open forum, then you can pm me and ill let you know.

66kaz

i have just spoken to the jobcentre about my mortgage payments and they have said that payments are capped at 100,000.....is this true,they have also said that it depends on when you claimed benefits because the legislation that was in place when you first claimed still stands......can someone please help

many thanks

Broken_hearted

Sadly it looks like those with large mortgages have to sell or hand the keys back. Its terrifying watching so many people tettering on the edge.

Kerry12345

66kaz wrote: »

i have just spoken to the jobcentre about my mortgage payments and they have said that payments are capped at 100,000.....is this true,they have also said that it depends on when you claimed benefits because the legislation that was in place when you first claimed still stands......can someone please help

many thanks

I was going to ask that. When does the temporary limit of a 200,000 mortgage go back down to a limit of 100,000?

TOBRUK

Kerry12345 wrote: »

I was going to ask that. When does the temporary limit of a 200,000 mortgage go back down to a limit of 100,000?

I expect it goes down (unless I'm mistaken and it's something different) on the 1st October - as the change in SMI payments falls from 6.08% to 3.67% as announced in June budget.

[Deleted User]

TOBRUK wrote: »

I expect it goes down (unless I'm mistaken and it's something different) on the 1st October - as the change in SMI payments falls from 6.08% to 3.67% as announced in June budget.

as i understand it the only people who got the new 200k max were those who claimed via IB JSA from 1/1/09,and that it was then limited for them to 2 years maximum.
meaning that from january 2010 some will start to have SMI withdrawn completely

cabbagepatchkid

Hi Thankyou Dave 030445
My mortgage is £198,000 at a rate of 5.79%, this is Chelsea's standard variable rate and what we went onto after our fixed rate finished meaning our payments went up. We have tried to get a better rate but our loan to value is about 87% maybe 85% at the very very most. Payments are interest only at £998pm.
Cheers

dave030445

cabbagepatchkid wrote: »

Hi Thankyou Dave 030445
My mortgage is £198,000 at a rate of 5.79%, this is Chelsea's standard variable rate and what we went onto after our fixed rate finished meaning our payments went up. We have tried to get a better rate but our loan to value is about 87% maybe 85% at the very very most. Payments are interest only at £998pm.
Cheers

your interest only on your mortgage is £220.46 per week
if they limit you on £100,000 they will pay £69.80 per week
if they let you have the full amount £198,000 they will pay £138.21 per week
so if they limit you to the £100,000 you will be £150.20 a week short
if they give you the full amount £198,000 you will me £82.25 a week short
sorry cant make it look any better.