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How do they work out MIR help?


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I thought that after 13 weeks if in receipt of JSA then you'd be entitled to MIR. So forms duely filled out and sent off. Then I get a letter telling me what is to be paid which falls short of the actual amount.

 

The mortgage is with one lender but is split due to moves and has always been with the same lender. No loans have been taken out other than to purchase properties we have bought and sold and lived in due to the changing location of my job prior to being made redundant. I've always been unhappy that we have what appears to be 3 mortgages ( all with the same lender) but we consider it to be one.

 

I think that the JSA, MIR only applies to the very first mortgage and not the subseqent two. Despite requests to the necessary JSA people all I get is that it's based on the info supplied by the mortgage company.

 

Does anyone know how it works????

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It is calculated on a Standard Interest Rate which is usually based on the Bank of England Rate plus 1.58%. The last I heard it was frozen in November 2008 at 6.08%.

 

The capital limit up to which mortgage interest can be met is currently £200,000.

 

you may find the following legislation useful: The Social Security (Housing Costs Special Arrangements) (Amendment and Modification) Regulations 2008 No. 3195

 

In regard to the Standard rate, the above amends paragraph 11 (the standard rate) of Schedule 2 to the Jobseeker’s Allowance Regulations; below:

 

The Jobseeker's Allowance Regulations 1996

My advice is based on my opinion, my experience and my education. I do not profess to be an expert in any given field. If requested, I will provide a link where possible to relevant legislation or guidance, so that advice provided can be confirmed and I do encourage others to follow those links for their own peace of mind. Sometimes my advice is not what people necesserily want to hear, but I will advise on facts as I know them - although it may not be what a person wants to hear it helps to know where you stand. Advice on the internet should never be a substitute for advice from your own legal professional with full knowledge of your individual case.

 

 

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