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SMI: More changes on the way
Comments
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If the govt is paying the interest on the mortgage shouldn't the mortgage comanies accept a very low rate as there is no risk that the iterest payments will not be met?I think....0
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If the govt is paying the interest on the mortgage shouldn't the mortgage comanies accept a very low rate as there is no risk that the iterest payments will not be met?
SMI is paid at a standard rate. It also doesn't pay the whole payment - there is a cap and it doesn't repay any capital. So for anyone on a repayment mortgage, there is every chance of them falling behind and not meeting payments.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
For interest....just heard on this news this morning that the Libya Operation cost us £221m.
SMI costs us £400m per year.
Little context there!!0 -
Graham_Devon wrote: »For interest....just heard on this news this morning that the Libya Operation cost us £221m.
SMI costs us £400m per year.
Little context there!!
You're right, there is very little context there.0 -
Im not convinced their should be ant set timeframe. What I am convinced about is that the owners should not ultimately benefit once them ortgage is paid.
Id suggest something likethe state owning the part the state payd for, and once the mortgage to the bank is paid, the owners then have to buy back the part the fgovernment paid for OR pay rent on that part until they can repay it.
That will be the incentive to keep the paymetns short term, and also meant eh government gets what it pays back in the end - in either repayments (like a mortgage) or lower rent charges.0 -
It does show the inherent nastiness of some of the bears that they want this perfectly reasonable benefit removed in the faint hope that that would get them a cheaper house.
Oooh, how emotive. Are you Sarah O'Grady?1. The house price crash will begin.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.0 -
Graham_Devon wrote: »For interest....just heard on this news this morning that the Libya Operation cost us £221m.
SMI costs us £400m per year.
Little context there!!
But the question is, which is better value
. 0 -
Graham_Devon wrote: »For interest....just heard on this news this morning that the Libya Operation cost us £221m.
SMI costs us £400m per year.
Little context there!!
Yes Very little.
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The Truth is SMi is the most cost effective solution for the government at the moment.
With low rates it is far cheaper to pay the interest on a loan than pay to re-home someone and pay HB.
Cutting a deficit should use least cost solutions, this seems to be the case.
In many cases also it is a tempory fix and many find jobs again and carry on reapaying their mortgage.
Those that don't still stand to lose their house get re-homed HB etc.
I am surprised that people want to increase the welfare bill at this time?0 -
Last time I looked the suggestion was that More than half of people claiming smi were over 50. If this is true then I suspect most of these people will have a decent amount of equity in their homes and therefore where they have they should be selling their house after a year or so of support unless they have become ill or disabled0
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