newbie,mortgage interest payments

carer-D

advice needed please,
i have an interest only mortgage,iam claiming income support, and carers allowance.
Full time carer for my dad who lives in own flat,
dwp are only paying 50% of the monthly mortgatge payments,
i have been told that dwp should be paying most if not all, due to mortgage being interest only.

rotoguys

carer-D wrote: »

advice needed please,
i have an interest only mortgage,iam claiming income support, and carers allowance.
Full time carer for my dad who lives in own flat,
dwp are only paying 50% of the monthly mortgatge payments,
i have been told that dwp should be paying most if not all, due to mortgatge being interest only.

It depends on a lot of things. They won't pay any capital - just the interest, they won't pay for any loan that wasn't used to buy the property.

You should be getting 3.63% on the amount originally borrowed

Firefox1975

Aren't you worried about having an interest only mortgage? Or are you building up the capital in another vehicle?

creditcardhelp11

Firefox1975 wrote: »

Aren't you worried about having an interest only mortgage? Or are you building up the capital in another vehicle?

Don't think you have much choice if you're on income support. OP - yes the housing cost (support with mortgage interest) will pay towards your mortgage payments however, this is a set figure currently 3.63%. Therefore, if you have an interest only mortgage which is say 5% interest then it will not cover the whole amount of mortgage interest. Your mortgage interest rate must be higher than 3.63%. You should contact your mortgage provider and see if there is any assistance available.

carer-D

thanks for all your replies, yes i have cover for the capital, will have to contact lender to see if they will help,as things are realy tight at the moment.
thanks everyone