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Mortgage help with UC

CharlieRose256

Hi all, just looking for some advice

so I’m on UC (since October 2021, on LCWRA, no children or career responsibilities), and have a mortgage (about 3 years in), and I’ve looked at the government website, but struggling to understand what they’ve put in layman’s terms. I understand the Mortgage interest bit. Would anyone be able to help me understand/advise on where to go for further advise. Would citizens advice be able to help me with this, or a financial advisor?

thanks I’m advance

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Comments

calcotti

You need to understand that the SMI scheme is a government loan on which you will be charged interest.

CharlieRose256

calcotti said:

You need to understand that the SMI scheme is a government loan on which you will be charged interest.

“I understand the Mortgage interest bit.” Yes I know, that’s why I said I understand that bit. Please stick to my original question of where I can go for further advise.

calcotti

I wasn't being obtuse. Although you have said you understand it you have also said you need further advice so it isn't clear what you understand and what you have questions about.
Without knowing what your questions are it's difficult to know what you best source of advice is.
CA would, I expect, be able to advise how the scheme works but I would expect cannot give you advice about whether it's a good idea or not because it is effectively a financial product. On the other hand I doubt many financial advisers have much (if any) experience of the scheme.
There is some information on the CA website
Deciding if you should apply for SMI - Citizens Advice
(You've probably looked at that already.)
It says

You can ask your nearest Citizens Advice to help you understand your options. They can’t tell you which option you should choose. If you want someone to help you decide what to do, you can find a financial adviser - you’ll have to pay for their help.

CharlieRose256

Okay thank you @calcotti, sorry about being a bit snappy

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