(SMI) Support for Mortgage Interest ending

Quackkers3

Here is the facebook link for The Better Mortgage Company


https://www.facebook.com/thebettermortgage/

sandraM

Thank you all for your support and suggestions. I do read your posts almost daily but sometimes feel too depressed to respond.  I have been to see several properties,  but not got any further and my savings are being depleted even further having to pay taxis to view the properties.  So far its either my offer hasn't been accepted or the property is unsuitable for my needs.  Another sleepless night as if my pain and sleeping pattern isn't bad enough!

sleepy1

Martin Lewis was on the news this morning talking about SMI, he said he did not fully understand it but people have to act quickly to sign up for the loan.  If he doesn't understand what chance do we have?

ataloss2018

Thought it was odd that Martin didn't know when the SMI ends, he seemed rushed so perhaps he had a lapse of concentration.

Martin also said that only 10% of people claiming SMI have accepted the loan.

jess8789

Martin Lewis has not read The Loans for Mortgage Interest Regulations 2017, SI 2017/725 properly. 

Regulation 19 of this statutory instrument deals with the transitional provisions. It makes it clear that SMI payments will continue until 10 weeks after the Loan Offer Date (in circumstances where the signed Loan Agreement and Loan Documentation is returned to the Department of Work and Pensions 6 weeks after the Loan Offer Date) 

However there is no time limit set for the date by which the Loan Offer Date must be made for the purpose of these transitional regulations. For example in the event a Loan Offer Date is made ten years hence in April 2028, it can’t be the case that the SMI payments will continue to be made until ten weeks post that day (ie June 2028) if the signed Loan Agreement and Loan Documentation is received by the DWP six weeks after that April 2028 Loan Offer Date?!

Telephone and written enquiries seeking clarification from the DWP have been futile. Nobody is even aware of this regulation let alone understands its contents.

I have written to my MP asking him to assist in confirming the latest date that SMI payments can be made (assuming the signed Loan Agreement and Loan Documentation are received by the DWP six weeks after the Loan Offer Date). This is needed in order to enable us to identify the amount of time left to consider alternative arrangements to the draconian step of granting charges on our homes to the government.

It is unacceptable that such an important date is seemingly not readily identifiable. Perhaps some of you could make similar enquiries to increase the pressure for clarification?

Thank you 

debbiedo49

I’m in the position where I took out an interest only mortgage while working full time then became ill and was left with a mortgage and a low income. If I were to sell my flat I would probably only be able to repay the mortgage and have nowhere to live. Also no one who becomes ill presumes that their illness is going to be lifelong (unless it’s diagnosed) and they hope that their circumstance should will change. So for me help with mortgage interest has kept a roof over my head and stopped me from having to sell my flat and try to get a much more costly rented flat which I would qualify for housing benefit for . So that would cost the government lots more than the tiny amount I was getting for SMI. People say why should the govt help me to buy my house? Yes I can see their point but I’m only getting some of the interest paid while I am ill. I will still have to find the money to pay off the mortgage at term. So like many others I don’t own my flat it’s the bank that’s owns it. If someone were to say to me okay we will sell your flat, pay your mortgage off, find you suitable rented accomodation, sort out your rent and your removals and make sure your health is okay then Bingo! I  am in ! Unfortunately I am not going to get that help and there’s are very few rented homes available. So it’s a catch 22. Yes I agree people should not benefit from the government paying their mortgage but I do think we should be treated individually as we’ve all got different circumstances. 

heavenhelp

Does anyone know who are the Directors or shareholders for SERCO? I asked the person from DWP and they don't know

susan48

@debbiedo49,
I wish someone would do that for me too.
i however have a repayment mortgage and some equity but cannot move as cannot get another mortgage, not on benefits.

i will cost the government more in rehousing people and paying the rent, council tax etc than it would paying a small portion of the interest!!!

another waste of money 

sleepy1

@heavenhelp, not sure what this has to do with SMI but no matter a link below should hopefully lead you to the right information. ATB

https://www.serco.com/about/the-board-and-governance

nanof6

Yes i have a buyer, my smi stopped this month £12.50  a month,  what a relief, i'm going to live in a wheelchair friendly lodge, with a ramp,and balcony where i can sit outside, no more mortgage, but most important no money for these greedy tories.

susan48

@nanof6,
congratulations on you very own lodge, sounds wonderful.

enjoy the peace

heavenhelp

https://www.serco.com/media/998/998.original.pdf#page=1&zoom=110,-134,755

2.

Approval of capital projects, investments, acquisitions, disposals, new country entry and initiation, defence or settlement of material litigation, regulatory, arbitration or other formal legal proceedings involving the Company or any subsidiary undertaking which are material to the Group

8. Setting and approval of treasury policies, including any material changes to the current banking covenants;

URANIUM234UK

Hi Everyone, at the end of the day , I see this and have done it myself. Please follow your own guts feeling and get other advice !
1. I took out the SMI loan ... you can do this at any time, you can have upto a 1 year break in a claim of this also.
2. Why? maybe in the future - before it needs to be repaid, only if you have profit after selling your home (and only when you want to sell) - another govt, eg. Labour, may Cancel this poilicy! Who knows?
3. You keep your home, as is, status quo, just keep paying as normal - yes, as it is a loan now and no longer free.
4. Well, no matter, it seems that it does not affect any other benefit - again please check ! and you still keep your home and continue, hopefully happily  !!!!
SO EITHER DO IT, OR DO SOMETHING ELSE, OR LOOSE IT !!!!

It is not too later to take out the loan; you can do it at any time - AGAIN PLEASE CHECK!

This was my choice, and I totally abhorre this - the govt love rich and hate poor ! totally dispicable !

Again, Please sign the PETITION I have 'linked' previously 

Best of luck all ... please also note the govts site gives information but it is totally incorrect (we have words for this don't we !) 

Note: 1. if you have mortgage jointly - no matter you can get the loan (without their consent); 2. if you have people living there - you need their signature ! ... so they say in their notes that come with the applilcation pack.

NB. Request the Applicaiton Pack and read the notes !  they answer many questions ! (you are under no obligation).

sandraM

Think ahead! For the others that have decided to move home.   Plan your next house carefully.  

Check out the neighbours before committing to buy and check with car insurance company what bracket the postcode is in.
 I've found out the hard way.  A hike of £340 until renewal 8 months away and neighbours that have an anti social behaviour order.  I don't think  I can feel any lower. 

sleepy1

Hi @sandraM, hope you are ok and things have improved and you are getting along with your new neighbours, we all need a safe haven and all the stress of moving to an unfamiliar area can be daunting.  Good advice on thinking ahead and checking things out.

Try not to dwell on the ASBO too much unless it concerns you directly, other people nearby will be aware of what is going on and know all the history behind it so let them deal with it.

ATB Rosie

sandraM

Thankyou @sleepy1. I haven't actually got to live in the house yet as the sale has been delayed. I am now homeless and having to impose on friends and family.  My situation is far from ideal. No wet room to shower in etc etc.

sleepy1

Hi Sandra, so I guess your officially a sofa surfer now! 
Hope things improve for you soon and you get that independence back.  It's not right that you had to move in the first place having spent all that money getting your home adapted.

At least we are coming up to summer now (maybe) and your friends could get the hosepipe out 

debbiedo49

Hi, ive been having issues with getting smi from the get go. I filled out the paperwork . I sent it away at some cost, and hear don’t nothing. My jcp advisor looks at my record so whenever I sign on and that’s how ive found out my smi situation. So on their advice I phoned smi to be told I had Brenna refuse do smi and that’s i didn’t send my paperwork back in time. They told me to phone another dept to trace my paperwork to get the details. When i did this the time couldn’t find my paperwork but started a search for them and sent me out  another set. I asked for the decision to be clarified. So I signed the papers again and posted again recorded and months have gone by with no decision. So today my jcp read my notes and told me its been refused till march  2019 no reason given. This was dated 7/11/2018 and yet Ive had nothing from smi. So it looks like I won’t never getting any help and I have arrears building up from the start. My jcp has emailed them to call me and hopefully I will get some answers. I don’t have a clue what’s to do about it now. Any advice please? 

poppy123456

How long have you been claiming JSA for? For SMI you need to have been claiming a qualifying benefit for 39 consecutive weeks.

debbiedo49

3 years