MSE News: Mortgage support expanded to help those struggling with payments

MSE_Kit

More homeowners who are struggling with mortgage repayments will be eligible for state support from next year, the Government has announced. From spring 2023, access to the 'support for mortgage interest' scheme will be expanded – meaning you might be able to get help covering the interest element of your mortgage repayments if you're struggling.

Read the full story: 

'Chancellor's Autumn Statement 2022: Mortgage support expanded to help those struggling with payments'

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zui765

Again  is help for people with benefits,nothing for people with low incomes.

smipsy

Protect the homeowners at all costs, god forbid renters are given a break

housebuyer143

smipsy said:

Protect the homeowners at all costs, god forbid renters are given a break

Renters get rent paid if they lose their jobs.. Homeowners have to wait 39 weeks to access a LOAN to cover interest payments at 2%...

When you have no income for 39 weeks and still need to pay the mortgage and then the support you are given is 2% when your interest rate is 5% it's not really that much help is it.

silvercar

housebuyer143 said:

smipsy said:

Protect the homeowners at all costs, god forbid renters are given a break

Renters get rent paid if they lose their jobs.. Homeowners have to wait 39 weeks to access a LOAN to cover interest payments at 2%...

When you have no income for 39 weeks and still need to pay the mortgage and then the support you are given is 2% when your interest rate is 5% it's not really that much help is it.

Todays announcement reduces the 39 weeks to 13. It is still hard for those with mortgages compared to those renting.

housebuyer143

silvercar said:

housebuyer143 said:

smipsy said:

Protect the homeowners at all costs, god forbid renters are given a break

Renters get rent paid if they lose their jobs.. Homeowners have to wait 39 weeks to access a LOAN to cover interest payments at 2%...

When you have no income for 39 weeks and still need to pay the mortgage and then the support you are given is 2% when your interest rate is 5% it's not really that much help is it.

Todays announcement reduces the 39 weeks to 13. It is still hard for those with mortgages compared to those renting.

Are they increasing the support from 2%?

Tulip99

Has anyone heard when the 2.09 interest rate is going to be increased as my mortgage interest rate is now 4.99% and my monthly payment has gone from £350 to £874, DWP are lending me £222 monthly and my mortgage lenders are chasing me every month whilst threatening me with repossession if I can’t find the now £524 deficit. I’m mentally and physically disabled and don’t know where to turn.

silvercar

Tulip99 said:

Has anyone heard when the 2.09 interest rate is going to be increased as my mortgage interest rate is now 4.99% and my monthly payment has gone from g£350 to £874, DWP are lending me £222 monthly and my mortgage lenders are chasing me every month whilst threatening me with repossession if I can’t find the now £524 deficit. I’m mentally and physically disabled and don’t know where to turn.

Are you interest only? If not., ask your lender if you can go interest only for a time. Any chance of a product transfer to a better rate?