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New SMI Loan
dGizzy
Posts: 3 Newbie
Hi
I currently receive SMI for my mortgage - this is being replaced by the new SMI loan, which I have been offered and intend to take as I can not quite manage to cover all the costs myself, However, I could manage some of the cost myself. The gov say you can repay the loan anytime you want, the minimum being £100, which over the long term would reduce the total interest you pay. I could really do with only half the amount they will be paying toward my mortgage.
So my question is if I paid back some of the amount they paid each month toward my mortgage, straight away, would they see that as deprivation of capital? I know if you pay off extra on your mortgage than you need to this can be seen as deprivation of capital, because you are paying the debt before it is due, so is this the same? I am supposing the answer is yes,
Alternatively does anyone know if I can tell them to pay less than the amount I will be entitled to?
I currently receive SMI for my mortgage - this is being replaced by the new SMI loan, which I have been offered and intend to take as I can not quite manage to cover all the costs myself, However, I could manage some of the cost myself. The gov say you can repay the loan anytime you want, the minimum being £100, which over the long term would reduce the total interest you pay. I could really do with only half the amount they will be paying toward my mortgage.
So my question is if I paid back some of the amount they paid each month toward my mortgage, straight away, would they see that as deprivation of capital? I know if you pay off extra on your mortgage than you need to this can be seen as deprivation of capital, because you are paying the debt before it is due, so is this the same? I am supposing the answer is yes,
Alternatively does anyone know if I can tell them to pay less than the amount I will be entitled to?
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