We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage, endowment and benefits.
Rikki
Posts: 21,625 Forumite
I'm not sure if this is correct so I thought you guys might know.
My friend is on benefits and has the mortgage interest payments made by the government.
One of the endowments on the property is due to mature and will obviously reduce the amount of the outstanding mortgage.
I've advised him to call the dhss and tell them.
I'm assuming they won't have a problem with the endowment reducing the amount of mortgage owing. Then reduce the amount of the interest payment they make to the bank on his behalf accordingly.
I can't see it being any different to this but I just need it confirming before I say the wrong thing.
My friend is on benefits and has the mortgage interest payments made by the government.
One of the endowments on the property is due to mature and will obviously reduce the amount of the outstanding mortgage.
I've advised him to call the dhss and tell them.
I'm assuming they won't have a problem with the endowment reducing the amount of mortgage owing. Then reduce the amount of the interest payment they make to the bank on his behalf accordingly.
I can't see it being any different to this but I just need it confirming before I say the wrong thing.
£2 Coins Savings Club 2012 is £4 
.............................NCFC member No: 00005.........
......................................................................TCNC member No: 00008
NPFM 21
.............................NCFC member No: 00005...............................................................................TCNC member No: 00008
NPFM 21
0
Comments
-
Yep, spot on Rikki. Just inform the DWP of the reduction in amount, and they'll reduce the payment accordingly xGone ... or have I?0
-
Thanks dmg24.
He was worried they wouldn't let him do that. Not sure how as that is where the money is supposed to go, otherwise the mortgage would never get paid off. :eek:£2 Coins Savings Club 2012 is £4.............................NCFC member No: 00005.........
......................................................................TCNC member No: 00008
NPFM 210 -
yes the endowment pays off the mortgage, so when the mortgage reduces so does the interest (which the dss pays) so they have to be told to reduce the payments 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards