Most are finding life far worse, so what do we need, higher house prices!!

ILW

Graham_Devon wrote: »

Nope.

You get SMI for the amount of your mortgage, up to a certain amount, at time of taking the SMI.

What the above means is:


Does not mean the amount you originally borrowed when you bought the house.

Thank you for your concern though.

Does that mean that I can buy a new Range Rover and get the taxpayer to pay most or all of the interest?

chucknorris

ILW wrote: »

My quote may not have been word for word, but I think the meaning is correct.

Sorry I didn't phrase that very well, I meant are you sure it's bad thing (because of all of those happy people consolidating their loans in one manageable loan). I was trying to be funny but failed)

StevieJ

Graham_Devon wrote: »

Nope.

You get SMI for the amount of your mortgage, up to a certain amount, at time of taking the SMI.

What the above means is:

Does not mean the amount you originally borrowed when you bought the house.

You can also get help with any loans you took out to provide mandatory repairs. I.e. personal loans which you can prove went on essential maintanance.

Thank you for your concern though.

I think the operative word is essential e.g. your roof is leaking not the £30k conservatory (and certainly not 2 weeks in Barbados) which you were inferring

People have problems with those who have mortgages themselves to the hilt, and then claim SMI payments, from taxpayers.

Over half of the total people in receipt of SMI, were over 50.
There is going to be an element of remortgaging and remortgaging that has got these people in trouble, and now claim from the taxpayer.

ILW

StevieJ wrote: »

I think the operative word is essential e.g. your roof is leaking not the £30k conservatory (and certainly not 2 weeks in Barbados) which you were inferring

So if you bought 20 years ago for say £40k, and remortgaged a few times over the period and now have a £150k mortgage, will the government only pay interest on the original 40K?

Graham_Devon

StevieJ wrote: »

I think the operative word is essential e.g. your roof is leaking not the £30k conservatory (and certainly not 2 weeks in Barbados) which you were inferring

Stevie, I realise you are onto me.

I personally know someone who remortgaged twice, and claims full SMI (or at leats did, I doubt he will be now as hes back in employment). The remortgage DID go, mostly, onto the house. He's a family friend. I've written about him before.

The remortgage also went on holidays and new cars. I guess as long as he proved he built a conservatory with the remortgage, he'll get it paid. I know for a fact the second remortgage went on a loft conversion, but he also bought a van. How do I know? He was looking at our old house, as that had its loft converted and they were the same houses, just 7 doors up. Ours was done before it was bought. The cars were also paid for, but I can't see people having paperwork going back years and years. Neither can I see the government going over it with a fine toothcomb.

My point stands. There will be many people who have remortgaged, getting SMI, no matter how fine a detail you wish to drill down to.

StevieJ

Graham_Devon wrote: »

Stevie, I realise you are onto me.

I personally know someone who remortgaged twice, and claims full SMI (or at leats did, I doubt he will be now as hes back in employment). The remortgage DID go, mostly, onto the house. He's a family friend. I've written about him before.

The remortgage also went on holidays and new cars. I guess as long as he proved he built a conservatory with the remortgage, he'll get it paid. I know for a fact the second remortgage went on a loft conversion, but he also bought a van. How do I know? He was looking at our old house, as that had its loft converted and they were the same houses, just 7 doors up. Ours was done before it was bought. The cars were also paid for, but I can't see people having paperwork going back years and years. Neither can I see the government going over it with a fine toothcomb.

My point stands. There will be many people who have remortgaged, getting SMI, no matter how fine a detail you wish to drill down to.

I didn't think we were discussing fraud.

Graham_Devon

StevieJ wrote: »

I didn't think we were discussing fraud.

What?

Nevermind. Catch yer later stevie.

IveSeenTheLight

mcc100 wrote: »

Figures quoted in the media suggest that savers outnumber borrowers by 6 or 7 - 1.

Can that be true?
I doubt it.
Just taking the number of mortgage holders would mean that everyone else would need to be a saver.

chucky

Graham_Devon wrote: »

The british economy is seen as one of the next in line after Greece and Spain precisely because of over spending.

fortunately what people think and see on this forum isn't the real world...

Britain is nowhere near to what the issues that Spain and Greece have...