Hou mortgage interest help stopping April 2018

blondeangel

Does anyone understand the logic of paying interest on top of interest? The new loan scheme to replace help with mortgage I interest doesn't make sense. Apparently we have be asked to sign up for an increasing loan that will incur interest and attached to mortgage being paid back when you sell your home.

Is there an alternative as my mortgage is interest only and never decreases I will end up owing a lot more and little equity to buy a new home. OK so you only pay when you move but really?? I'm going to pay interest on interest and that's not right.

Anyone else make sense of this stupid government I CANT WORK SO end up on the street with no equity.

NYM

Can you renegotiate your current mortgage deal?

marliepanda

blondeangel wrote: »

Does anyone understand the logic of paying interest on top of interest? The new loan scheme to replace help with mortgage I interest doesn't make sense. Apparently we have be asked to sign up for an increasing loan that will incur interest and attached to mortgage being paid back when you sell your home.

Is there an alternative as my mortgage is interest only and never decreases I will end up owing a lot more and little equity to buy a new home. OK so you only pay when you move but really?? I'm going to pay interest on interest and that's not right.

Anyone else make sense of this stupid government I CANT WORK SO end up on the street with no equity.

You wont ever pay the interest. Many years in the future when you are no longer here, your estate will have to settle the bill.

At what point are you on the street?

If you are wanting to move (as you say, you only pay when you move) then sell and move into rented and claim your housing benefit.

One way or the other the government is paying for the roof over your head because you cant work. Whats stupid about that?