Author Topic: Support for Mortgage Interest coming to an end (new rules)  (Read 1434 times)

shocksoc335

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I've recently spoken to a client who is unemployed and receives help with their mortgage repayment from the government 'support for mortgage interest'.

Under the new rules they will no longer receive it as they have been on benefits for two years. I knew this was coming but thought the government might change the rules to assist those who are unemployed. This will be the first of many clients who I will speak to I'm sure which means it doesn't look good for homeowners.

Think anyone in receipt of this should check with the DWP to find out whether or not it will cease - need to be proactive really!

Not a great deal I could tell the client really other than find a job quickly etc etc any views?
Shocsoc335
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James Falla

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Re: Support for Mortgage Interest coming to an end (new rules)
« Reply #1 on: Mar 17, 2011, 01:49:49 PM »
Unfortunately this is going to effect a large number of people Shocksoc. As you say, there does not seem to be any further assistance that the government is going to offer. As such, the only thing to do is find a job or consider selling and moving into rented accommodation. Obviously this is an absolutely last resort. However, releasing the equity and then renting in the same area might be a better option than worrying every month about where the mortgage is coming from and ultimately risking repossession.
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