We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
URGENT Changes to Morgage Interest Support [merged]
Comments
-
I got a letter on Saturday morning saying that the amount paid towards my mortgage has gone down from about £63 to just over £37.
As usual the letter just said it was "due to a change in my circumstances" without stating the actual reason.
I've rung this morning to find out the reason and been told it's part of the recent changes by the gov't.
From 1st October they will only pay up to a certain percentage (3.68% ?) of the mortgage interest.
This means that I will be down approx £110 per month which is just under 10% of my income
I just wondered if anyone else has been affected by this?You should never call somebody else a nerd or geek because everybody (even YOU !!!) is an"anorak" about something whether it's trains, computers, football, shoes or celebs
:rotfl:
0 -
There have been several threads since the budget announced the cut.
On the bright side, I wish my mortgage payment was less than 10% of my income.0 -
I think this has come as a shock to a lot of people this morning.. I don't remember reading anything about this change of policy.. I think they said its going to affect half of the two hundred thousand people claiming this benefit.. another shock government cost cutter...#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
Have you rung your mortgage company to find out what your monthly interest payments actually are? You may find that your mortgage interest is still covered by the amount the government are giving you.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
I didn't say my mortgage payment was less than 10% of my income - it is the amount that has been knocked of my mortgage benefit therefore I'm going to have to find it from my already tight budgetDaisyFlower wrote: »There have been several threads since the budget announced the cut.
On the bright side, I wish my mortgage payment was less than 10% of my income. You should never call somebody else a nerd or geek because everybody (even YOU !!!) is an"anorak" about something whether it's trains, computers, football, shoes or celebs :rotfl:
0 -
I haven't called them because the change hasn't happened by my mortgage interest rate changing but by the mortgage benefit going down...MissMoneypenny wrote: »Have you rung your mortgage company to find out what your monthly interest payments actually are? You may find that your mortgage interest is still covered by the amount the government are giving you.You should never call somebody else a nerd or geek because everybody (even YOU !!!) is an"anorak" about something whether it's trains, computers, football, shoes or celebs :rotfl:
0 -
Mics_chick wrote: »I haven't called them because the change hasn't happened by my mortgage interest rate changing but by the mortgage benefit going down...
SMI is paid at a fixed rate. It could be that the previous SMI payments given to your mortgage lender, were higher than the required amount needed to cover the interest payments. Your new SMI payment might still be enough to cover your mortgage interest payments.
If you phone your mortgage lender, they will be able to tell you how much your interest payment is.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
I understand your worries but if you had all taken out insurance when you got your mortgages you would not be in this position today! It costs money to pay out for insurances but they should be mandatory, and then this problem would not happen. We take out house and contents insurance, car insurance etc but why not Critical Illness cover and Losing your job cover (sic)?KEEP CALM AND keep taking the tablets :cool2:0
-
septemberblues wrote: »I understand your worries but if you had all taken out insurance when you got your mortgages you would not be in this position today! It costs money to pay out for insurances but they should be mandatory, and then this problem would not happen. We take out house and contents insurance, car insurance etc but why not Critical Illness cover and Losing your job cover (sic)?
When I first had a mortgage I was refused insurance as there was something in my medical past and they just wouldn't allow it.0 -
Ive tried to claim but my illness is not on the "list of illness" that they pay out on. Im sure they would find away of not paying out most claimsseptemberblues wrote: »I understand your worries but if you had all taken out insurance when you got your mortgages you would not be in this position today! It costs money to pay out for insurances but they should be mandatory, and then this problem would not happen. We take out house and contents insurance, car insurance etc but why not Critical Illness cover and Losing your job cover (sic)?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards