Mortgage help with UC
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CharlieRose256
Community member Posts: 68 Courageous
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
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
They/them/she/her pronouns please.
Comments
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You need to understand that the SMI scheme is a government loan on which you will be charged interest.Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
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calcotti said:You need to understand that the SMI scheme is a government loan on which you will be charged interest.They/them/she/her pronouns please.
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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 saysYou 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.Information I post is for England unless otherwise stated. Rules may be different in other parts of UK. -
Okay thank you @calcotti, sorry about being a bit snappyThey/them/she/her pronouns please.
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