support for mortgage interest S.M.I.

bazzerfewi

I have lived in the same one bedroomed property since 2001 with my wife, we are now in receipt of benefit and we are receiving Support For Mortgage Interest. We have been with the same lender Nationwide for over 15 years and they are now advising us that we should sell the property and move into a housing association property. At present the SMI pays the interest and a bit more and we are paying £100 every 4 weeks towards the capital. We have also suggested that in 2025 when both my wife and I receive our state pension we will be in a position to sell the property with the use of an Equity Release Scheme and pay off the mortgage. We thought this was a reasonable plan, we would like advise in regard to the DWP and SMI programme (dwp and uk mortgages lenders no customer will be evicted) we have had verbal confirmation in this regard but we cannot find it in writing can somebody point us in the right direction please 

Antonia_Alumni

Hi @bazzerfewi how are you doing today? I am not entirely sure, you may contact these organisations who may point you in the right direction. 

• Citizens Advice
• Money Advice Service

Our members who are more knowledgeable on this, will be able to support you. Please keep us updated.

Threesticks

All the mortgage company is about is getting their cash. I wouldn't trust them with your future. Get independent advice. Ask the Nation wide to send you their code of practice. Whomever gave you the advice about eviction, ask them to write to you with said advice, in a leaflet if they have one. Or, if they have a website and download the info. 

Here's a link for Lending code of practices for all types of lending, including mortgage lenders. https://www.bba.org.uk/wp-content/uploads/2013/12/2011-Lending-code-revised-28-Sept-2015.pdf

poppy123456

Hi,

Selling your house and moving into a housing association property isn't as easy as you may think. Waiting lists for these houses in most local councils are huge, some are years long. It may not be possible for this to happen. Also being success in getting one of these houses will depend on your circumstances and selling your home and having savings could go against you.

This really isn't something you should discuss on an internet forum and you'll definitely need expert face to face advice.

atlas46

Hi

You really do need to seek, advice from the experts.

Your first port of call, give the Money Advice Service advice line a ring on 0800 138 7777.

Please note, any savings you may have, will be taken into consideration, in respect of means tested benefits.

Hope this helps.