Mortgage Assistance when on JSA

GT1964

Hi,

I'm on JSA (think its based on NI Contributions paid). Filled in MI12 form re assistance with Mortgage interest. Received a letter this am from DWP saying they will take money from my JSA to pay to my lender. Will that mean I will only receive the balance as JSA or will the amount of interest paid be in addition to my JSA. If it is the former I see no point in receiving this assistance as I will have nothing to live on!

[Deleted User]

if you have qualified for SMI then that is paid in most cases direct to your lender and you still receive the same amount of jsa
the way they word it can be confusing.
remember you will have to pay the shortfall on your monthly mortgage after smi has been paid

iwillgetthereintheend

I had same problem with the wording but yes you will still get the usual JSA......SMI will not pay the first 13 weeks then in 4 weekly arrears after that for as long as your claiming (advice all from personal experience)

[Deleted User]

Bohdy wrote: »

How many weeks do you have to be out of work before hey pay your interest? How long will they pay your interest for?

13 weeks,for jsa claimants they will pay for a max.of 2 years and a max of £200k mortgage

BoBoDobie

If you are on Income Support is it still 2 years they pay for it? What do they expect you to do after 2 years?

How do you work out what they will pay, I know it's 6.08% and I pay £620 per month? I'd like to know what the shortfall will be.

Sorry to hijack your thread OP X

Caz3121

Tye_Bo wrote: »

If you are on Income Support is it still 2 years they pay for it? What do they expect you to do after 2 years?

How do you work out what they will pay, I know it's 6.08% and I pay £620 per month? I'd like to know what the shortfall will be.

Sorry to hijack your thread OP X

they reduced the 6.08% last year to 3.63% and will pay it for up to £200k original borrowing (not additional borrowing unless it can be proved it was for necessary house work)

BoBoDobie

Thanks Caz. How do I work out what that equates to in terms of my mortgage? It's £108,000 and I pay about £620 per month.

How long will they pay it for if I'm on Income Support?

MrsManda

Tye_Bo wrote: »

Thanks Caz. How do I work out what that equates to in terms of my mortgage? It's £108,000 and I pay about £620 per month.
How long will they pay it for if I'm on Income Support?

What is the interest rate on your mortgage?

Does the £620 include repayment of capital or do you have an interest only mortgage?

There isn't a time limit if you're receiving IS providing you continue to meet the conditions for IS.

dmg24

MrsManda wrote: »

What is the interest rate on your mortgage?

Does the £620 include repayment of capital or do you have an interest only mortgage?

There isn't a time limit if you're receiving IS providing you continue to meet the conditions for IS.

Also does the £108,000 include any additional borrowing and/ or fees?

BoBoDobie

Thanks both, the interest rate I'm currently on is 4.39%, going to 4.49% in september. The mortgage is a repayment mortgage and I've not borrowed anything else on it no.

BoBoDobie

Tye_Bo wrote: »

Thanks both, the interest rate I'm currently on is 4.39%, going to 4.49% in september. The mortgage is a repayment mortgage and I've not borrowed anything else on it no.

Anyone know at all? Thank you