URGENT Changes to Morgage Interest Support [merged]

dmg24

TOBRUK wrote: »

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.

I am the same - I cannot get any kind of income/ mortgage protection for MH conditions due to my history.

househunting

don't listen to that advice, my father who is very VERY well qualified was out of work, spent a month looking and then took a job as a night watchman. HATED every second of it, but I was extremely proud of him, as he wanted to be the one putting the food on the table. He then had money coming in (and no panic attacks thank goodness) so he could look for other work - which he found after about 6 months.
Take whatever work you can find, potential employers prefer hard workers - FACT. if you explain your cv honestly in a covering letter they will like you MORE than the next guy who sat on his ar#e all day.
Good luck with all.

dave030445

househunting wrote: »

don't listen to that advice, my father who is very VERY well qualified was out of work, spent a month looking and then took a job as a night watchman. HATED every second of it, but I was extremely proud of him, as he wanted to be the one putting the food on the table. He then had money coming in (and no panic attacks thank goodness) so he could look for other work - which he found after about 6 months.
Take whatever work you can find, potential employers prefer hard workers - FACT. if you explain your cv honestly in a covering letter they will like you MORE than the next guy who sat on his ar#e all day.
Good luck with all.

sorry you have lost me (not hard to do i know) but dont listen to what advice.
dave

TOBRUK

dave030445 wrote: »

sorry you have lost me (not hard to do i know) but dont listen to what advice.
dave

Lost me too! Not sure what househunting is referring to.

Daaisy

Had my letter too and will have a shortfall of about £70 a month which isn't as bad as some, due to the fact that i downsized 4 years ago thinking i would be able to manage

I rang my building society this morning and they said i was the first person to contact them. They didn't know what date or % interest was being implemented by government change.

I asked about remortgaging to a fixed term and was told that was only on offer to new customers

I can't take my mortgage anywhere else as i am looking for work and have no income.

The good news is that my mortgage account is in credit which will give me 6 months grace to.

1 - try and sell my house or
2- find work

which i am desperately trying to do (But being 50 next year isn't helping even tho all employers allegedly have "equal opps " regarding age........)

The bad news is that my house is in quite a poor state of repair where i haven't been able to afford to maintain it so not too sure if it will sell in an already poor selling market

With the equity I am really going to struggle to find something to buy which will accommodate an 11 year old daughter and 14 year old son who can't share bedrooms. Probably my daughter will have to share with me. I really dont want to move out of area as she has just started high school but wont have a choice.

I am sick and tired of being made to feel like a second class citizen, i didnt ask to be a single mum, my ex husband walked out after 20 years and left me with 4 children.

I have just spent 3 years in Uni and have now graduated and all i want is to get a job and be able to look after myself and my children.

I'm beginning to think i made a big mistake and would have been better off getting a job 3 years ago when there were more jobs available.

As a former taxpayer - I 100% agree that no one should be making a profit on the interest being paid by the government, yet surely it would make sense to cap the amount at the rate that the individual would have to pay rent for the same property? As all that is going to happen is 1000's of people will now have to walk away from their homes and rent somewhere instead which will then be paid by the government and will probably be at a higher rent than the actual mortgage interest.

I can't see how any of this is going to get any better

and i'm an optimist !!!!!

Daaisy

Tara100

Spot on Daaisy; this hasn't been thought out well at all, and my mortgage lender had no idea of the change until I phoned them last week (I've already had a letter back today from them stating my new monthly payment top up amount expected - yikes)

My shortfall is another £240 per month (I already pay £79.00 per month top up) so somehow, I have to find another £60.00 per week. Like you, my husband walked leaving the mortgage and many debts........It just won't be possible to find this extra money, and my house really isn't in the best of conditions to sell, but sell I must. I am now only allowed £65.00 per week mortgage assistance, yet I would be allowed up to £125.00 per week housing benefit paid to a landlord.


I do have a question though.......I am already on an interest only mortgage with my mortgage lender. As the mortgage payments given by the benefits dept are 'interest only' how come I am allowed such a small amount of assistance? I'm confused!!

dmg24

Just a reminder to those who are affected - you really need to contact your MP to ask them to look into this. There are a few petitions on the subject, but nothing will be done unless someone of influence (an MP or a formal pressure group) takes up the cause.

If anyone has already gone down this route, please do report back with any progress.

MissMoneypenny

Tara100 wrote: »

I am now only allowed £65.00 per week mortgage assistance, yet I would be allowed up to £125.00 per week housing benefit paid to a landlord.

Those rates are all dropping too, from the 50th percentile, to the 30th percentile. Housing (LHA) rates are based on how many bedrooms the government say you are allowed to have, but they are also bringing caps in on the maximum amount they will pay, regardless of how many children you have. That all starts in April.

[Deleted User]

Tara100 wrote: »

Spot on Daaisy; this hasn't been thought out well at all, and my mortgage lender had no idea of the change until I phoned them last week (I've already had a letter back today from them stating my new monthly payment top up amount expected - yikes)

My shortfall is another £240 per month (I already pay £79.00 per month top up) so somehow, I have to find another £60.00 per week. Like you, my husband walked leaving the mortgage and many debts........It just won't be possible to find this extra money, and my house really isn't in the best of conditions to sell, but sell I must. I am now only allowed £65.00 per week mortgage assistance, yet I would be allowed up to £125.00 per week housing benefit paid to a landlord.


I do have a question though.......I am already on an interest only mortgage with my mortgage lender. As the mortgage payments given by the benefits dept are 'interest only' how come I am allowed such a small amount of assistance? I'm confused!!

tara,it looks like your lenders interest rate is above the 3.7%that the dwp will pay from 1/10,do you know 1)what your interest rate is and 2)the outstanding balance?
given those 2 figures i could work out whats what
if you prefer not to post the figures feel free to pm me
john

Tara100

Hello John


I will go and check on the interest rate and PM you - Thanks ever so much