Support for Mortgage Interest

BigAunty

What's also apparent from looking at posts on the housing and benefit boards from those facing potential repossession is that SMI seems to encourage people to stick their head in the sand about satisfying the balance of their mortgage at the end of their mortgage terms. For some, SMI is indefinate but of course the lenders still expect the mortgage to be paid off and are least likely to extend the term to those with no real prospect of employment.

For example, there was a post recently from a guy whose father hadn't worked due to disability for a handful of years but his father had actually switched to an interest only mortgage and cancelled his endowment around 15 years before when he'd split up with his wife.

Now he only has 6 months to pay off a 42k mortgage (though originally the mortgage was a lot less but they'd actually remortgaged at some point...). Imagine owing more on a mortgage at the end of it than the outset many years before!

The son was frantically trying to save his dad's property, considering putting his life savings into it, buying it jointly, anything to save his !!!!less father's home rather than have him move into a rental property.