URGENT Changes to Morgage Interest Support [merged]

sapman17

got my reply back from my MP for braintree basically says that 92% of customers get more help than they need and to make sure it is on a more sustainable footing and reflects mortgage costs more closely and says nothing of any appeal basically offering no help and
no ways out.

Broken_hearted

I would think the 92% figure is a load of bull, 60 -70% max and only till the Mortgage company finds they are in trouble and ups the rate. That always annoyed me as soon as you admit you are in troble companies try so hard to push you under.

TOBRUK

Well it's mid October and I still haven't been notified by the DWP yet about how the payments will affect me. I wonder how many people haven't yet been notified and also aren't aware of the cuts.

I have a rough idea of the shortfall to expect and I have been aware of the changes that were to be implimented this month, since the announcement in the budget. I also know the dates when the payments by DWP are to be paid to the lender - so I can check with them how much has been paid by the DWP.

However, I'm wondering how many won't be aware (if they don't follow the news etc) of these changes and will not be until the lender notifies them of shortfall and/or requests payment.

[Deleted User]

Havent heard either yet from lender or dwp,although im aware how much it will be.

Tara100

TOBRUK wrote: »

Well it's mid October and I still haven't been notified by the DWP yet about how the payments will affect me. I wonder how many people haven't yet been notified and also aren't aware of the cuts.

I have a rough idea of the shortfall to expect and I have been aware of the changes that were to be implimented this month, since the announcement in the budget. I also know the dates when the payments by DWP are to be paid to the lender - so I can check with them how much has been paid by the DWP.

However, I'm wondering how many won't be aware (if they don't follow the news etc) of these changes and will not be until the lender notifies them of shortfall and/or requests payment.

Mortgage accounts across the land will go into arrears, and credit score ratings will be ruined along the way

Gip_3

...and reports regarding the changes some months ago, I was very savvy to the changes.

I'm not a scrounger and for years before being made redundant paid higher rate taxes. I've never over-borrowed and only had a credit card for work. I've been unemployed for over 12 months now and not for the want of trying to get a job.

Cuts to SMI and HB are disgraceful. Having been involved in finance, this is going to stalt economic growth, not revive it. Most people who have bought their own house with a mortgage have strived very hard to do this. Most haven't over-borrowed. I certainly didn't, despite the bank being willing to offer me over 4 times my salary at the time. I took out mortgage insurance which has now run out.

I have to find £200 extra a month to pay the shortfall. Now they're talking about cutting JSA. And I think anyone who would actually choose to live on it, try doing so. It's the most humiliating experience that I've ever encountered in my life. As a result, I have become ill (through malnourishment) and suffer from severe anxiety and depression, cannot concentrate for long and am always tired. I've got 10 years experience under my belt in my profession and went to a red brick university. So there are no prisoners taken.

I am going to see my MP, for the good that will do. Quite frankly, the 102 week limit is a farce. It is a fundamental inequality and a breach of civil liberties. I don't want to be in my position, but what can I do? I've already been taken to hospital 4 times as a result of collapsing through malnutrition.

I don't actually think that I'm one of the worst off. There are people out there with children, with disabilities etc who are facing turmoil. My doctor believes that I should be on ESA, but I have no idea how that would affect what little SMI I get and my head is way too fried to even start.

So, yes, Labour did make mistakes and there is a deficit which needs addressing. But does someone have to die first, before some rationality is applied?

Gip

Broken_hearted

People have already died, some from suicide one girl starved to death long before the cuts, they died because there were no respite/support services for carers. More old sick and disabled will die but we will never hear about it as the papers all follow the Governments propaganda.

DoleMole

Gosh Broken Hearted

Your last post killed off discussions for a few days: and I understand why !

The whole system is very just administrative and not caring or giving the solutions in a better way of finding
employment.

OK back to the problems now

My mortgage lender is contacting me every week now to remind me of the mortgage shortfall due to this benefit decrease. and to ask for confirmation that I will find the money, and what action they can see me taking to find it.

Is anyone else out there, getting this gentle reminder. I am being told my credit rating is OK

My mortgage is fixed till next year at 4.99 %,

Has anyone been able to get another mortgage at a lower rate, even though unemployed. to stave off the cut

Will finding money to make up my shortfall, and waiting till I am off my fixed rate next June when it switches to SVR be the better option. I have a three thousand pound penalty for terminating my current mortgage now.

Thanks

DM

Broken_hearted

No prompts from our Mortgage provider. Next lock in negotiations will be the telling time however I doubt they will drop the rates down in line with the base rate.

Tara100

DoleMole wrote: »

My mortgage lender is contacting me every week now to remind me of the mortgage shortfall due to this benefit decrease. and to ask for confirmation that I will find the money, and what action they can see me taking to find it.

Is anyone else out there, getting this gentle reminder. I am being told my credit rating is OK

My mortgage is fixed till next year at 4.99 %,

Has anyone been able to get another mortgage at a lower rate, even though unemployed. to stave off the cut

Will finding money to make up my shortfall, and waiting till I am off my fixed rate next June when it switches to SVR be the better option. I have a three thousand pound penalty for terminating my current mortgage now.

Thanks

DM

Hi DM

You are lucky; I think your mortgage lender is a rarity to be honest. There isn't a guideline as such for them to follow....Some are 'kindly' like yours, and mine, Standard Life, were cold fish as I expected (No payment holiday, and after 3 months arrears are accrued, then repossession proceedings will begin)
I had to inform SL of the upcoming changes myself, as they hadn't been informed of them, and if I hadn't sorted things out, I would have gone straight into arrears status on the 15th of this month :eek:

As for finding a mortgage provider whilst unemployed.....I very much doubt you will find one, as the risks are too high for a potential lender.


Tara