Support for Mortgage Interest Changes

moneysaymoneydo

Hi can anyone help i have tried calling building society mortgage is through (my letter is in the post cant tell me anything else on phone??) and 5 days letter i still sit anxiously awaiting to know....

Mortgage is relatively low 1.05% offset currently receiving SMI OF £146.96 every 4 weeks my mortgage is £27,800.00 can anyone please advise me how much it will roughly change to i need to work out monies now for next months coming off and hoping someone will be more helpful on here than my provider has been to date, much regards

tcr_3

DWP payments on a balance of £27,800 at the old standard interest rate 6.08% should be £32.51 per week or £130.04 every four weeks. So what you say they're paying doesn't tally with what they should be paying on a loan of £27,800 ... has your outstanding mortgage balance gone down over the last few months ? Have you paid some of the mortgage off ?

You need to phone your local benefit delivery centre and find out the mortgage balance on which they're paying, come back here with that figure tmorro and someone will work it out for you, or else just ask their mortgage officer to work it out for you.

Easy enough calculation -

Eligible mortgage balance multiplied by 3.67 divided by 100 = the amount of interest they'll pay each year using the new standard interest rate.

Divide that by 52 to get the weekly figure, times that by 4 for the four weekly figure.

dave030445

hi on the figures you have given they will pay £19.40 per week

dave030445

As you are on a low mortgage rate the goverment, will be paying alot of your balance. This is why there is a need to change the rate. on the old rate
The goverment are paying your mortgage each month of £130.04
your mortgage interest is £22.39 per month. so the governent are paying £107.65 of your mortgage each month.