Housing and independent living
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Looking for advice on the SMI ending and the new loan

greengrassgreengrass Member Posts: 2 Listener
I have just found this forum after looking for advice on the SMI ending and the new loan.
I had a conversation with the Serco advisor today who told me the interest rate at the moment is 1.5%.
i have about 10 years of an interest only only mortgage to run and it’s all very worrying as will have to sell to pay back the mortgage and especially with the loan will probably end up in rented accommodation, if I am not dead by then from all the stres that is,  as will not be able to afford a basic one bedroom flat which was my plan. After I have used any capital paying rent I am assuming the HB/DWP will pay the rent which will soon eat up anything they saved by not paying my mortgage of £175 pm.
It must be costing them a fortune to set all this up.
i have no choice but to accept the loan.
Before becoming ill I worked every hour God sent in an average of 3 jobs. (One full time and two part time). Paid three lots of income tax, NI etc. And became ill because of vaccine damage which I was not allowed to claim for as my condition is not listed. 
I understand the view point that a house is usually an asset which appreciates in value therefore the tax payer wants their money back.
However, I consider my tax paid when I was them tax payer, to be my insurance policy from the government which it is now reneging on.


  • BillBill Member Posts: 32 Courageous
    Hi @greengrass ,

    Welcome to this online Community!

    There are many resources in the Community - I suggest that you post in the forum 'Talk with a benefits advisor'.


  • Pippa_AlumniPippa_Alumni Scope alumni Posts: 5,851 Disability Gamechanger
    Hi @greengrass, and welcome! Sorry to hear about your situation- the changes in SMI have been causing confusion for many of our members, so we put together some SMI FAQs that you might like to check out. It might also be a good idea to use our online benefits calculator to check that you're claiming all the financial help you're entitled to.
  • sleepy1sleepy1 Member Posts: 299 Pioneering
    Hi @greengrass, we have an ongoing debate about this subject on another thread (see link below) which is getting quite long now but hopefully you may find some interesting views from others in the same situation. 
    I really feel for you and it just seems so unfair. 
    People like Scope, Age Concern and many other support agencies are campaigning against this move because they can also see the problems ahead.  Hopefully once the government realize what a bad idea this is they will change their mind.

    I am holding off agreeing to a second mortgage (that is what it is) because the interest rate is more than likely to escalate and there is no guarantee the loan payments will be paid to the original lender as if the DWP decide to stop your entitlement to benefits for any reason they will also stop the loan payments, thus leaving us with hefty arrears and in a very awkward situation.

    Bet you wish you hadn't joined now ; )


  • greengrassgreengrass Member Posts: 2 Listener
    Hi Everyone,
    Thank you for the welcome and for the advice.
    i will check out the other forum and FAQ’s and the benefits advisor.
    Thanks so much.
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