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SMI Mortgage Interest 50% Cut !


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I was shocked to recieve a letter from DWP this morning telling me the amount they pay to cover my mortgage interest is to be cut by almost 50% at the end of this month, I tried phoning but couldnt get through.

 

However a quick google gave me my answer

 

Mortgage interest support

 

The current system of mortgage interest support means that 92% of customers get more help than they actually need. To ensure that Support for Mortgage Interest (SMI) is better targeted we will reduce the rate from 1 October 2010 from 6.08% to the Bank of England average (currently 3.67%).

 

Which was hidden half way down the page on http://www.dwp.gov.uk/newsroom/top-stories/

 

There was no explantion on the letters from DWP, you would of thought such a major change which is effectively going to cut the amount that millions receive would of been better communicated, when I spoke to my mortgage company, even they were unaware !..and it is going to effectively hit them hard as they will have millions of customers who now won't even be able to afford the interest payments on their mortgage let alone the capital payments.

 

As discussed elsewhere in this forum, the reality is that there are not many people who actually do have a interest rate as low as 3.67 %, I am still stuck on a fixed rate of 5.2% but at least only untill the end of the year.

 

I'm surprised that this isn't a bigger news story, there must be many people who are just holding onto their homes and this will push them over the edge.

 

Yes, its true that there are people who get 'overpayments' in the current system but the new system will no doubt mean 'under payments' for many (why don't they print a percentage of that ?).

 

Andy

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Yes I too got my letter this morning - just about keeping up with payments but this will now tip me into arrears/ repossession & B&B ( walking the streets during the day !! ) at 59 & the wife at 60 this is not going to be easy. I am professionally qualified & cant even get a postman's job or stacking shelves.

 

I suppose the only good point is I have only a few months until the benefit dissapears altogether under the 2 year rule.

 

Anyone got the tablet .. may as well take it now.

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I have also just received my DWP letter and am horrified to find that the state now require me to find £250 a month more in order to meet my repayments. I am a single disabled mother of three and receive ESA and the extra disability premium and have no other income. My useless building society have a variable rate of 5.7 percent on which I am stuck as I do not qualify for any of their special deals.

 

I am very very worried about the future and livid at the way this change has been imposed with no consultation or publicity or support for those adversely affected. If I lose my home the state will only have to rehouse me and my children - probably at a higher cost. Until two yrs ago I was a working taxpayer, to penalise me when I most need the help is deeply unfair.

 

I understand the need for cuts in public spending but targeting the most vulnerable is both politically inept and morally indefensible.

 

Yes I too got my letter this morning - just about keeping up with payments but this will now tip me into arrears/ repossession & B&B ( walking the streets during the day !! ) at 59 & the wife at 60 this is not going to be easy. I am professionally qualified & cant even get a postman's job or stacking shelves.

 

I suppose the only good point is I have only a few months until the benefit dissapears altogether under the 2 year rule.

 

Anyone got the tablet .. may as well take it now.

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rubio66

 

Could you email me urgently on our admin address

 

Thanks

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... or AndyDD or Obewan

 

Please contact me on our admin address please

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Well..Looks like the BBC are interested, i am really shocked that this doesnt appear to have (so far) been picked up by the media, I was unaware that there was any change coming, I only found out yesterday that it is to take effect in 13 days time !. How can I prepare for that ?. For many it will be the biggest benefit change ever. (This is on top of the DWP already screwing up my payments , they havn't been paying anything, many phone calls later, hopefully it is now resolved)

 

We all know that the B of E base rate is the lowest ever but loans and credit have never been more difficult to obtain this means that in reality the actual rate people will be paying will be far in excess of the 3.63%, I know mine is and I have a relatively long/good relationship with my mortgage company, but there must be many people who are paying 5,6,7,8,9% or higher, they will be totally screwed come their next mortgage payment date, this is of course assuming that their mortgage company has already allowed them an interest-only period.

 

The government claim that this is to 'better target' the resources but I can't understand that at all, by 'better' they mean 'less'.

 

Andy

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Just found this discussion document. www.dwp.gov.uk/docs/support-for-mortgage-interest.pdf

It has lots of facts and figures (compliled by the government), it shows that 72% on SMI are NOT on a low tracker mortgage, it alos goes on to point out that at least 50% of people will now be worse off !

Andy

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Will this make a difference to people who are on an Interest only mortgage too?

 

Yes..If you get help from DWP under the SMI scheme, they only help towards the interest part anyway so its irrelevant if its interest-only or repayment.

 

Andy

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Well..Posting on CAG does wonders, I've just filmed a piece for BBC Breakfast News about this !...it was rather terrifying, it shoould be shown monday morning !

 

Andy

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Another good article here http://www.talktalk.co.uk/money/guardian/news/2010/09/5/disabled-homeowners-fear-repossession-as-mortgage-interest-payments-cut.html.

 

I think that many people were unaware of the implications of this cut untill yesterday when letters from DWP/Job Center started arriving through their door.

 

Andy

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Yes I too got my letter this morning - just about keeping up with payments but this will now tip me into arrears/ repossession & B&B ( walking the streets during the day !! ) at 59 & the wife at 60 this is not going to be easy. I am professionally qualified & cant even get a postman's job or stacking shelves.

 

I suppose the only good point is I have only a few months until the benefit dissapears altogether under the 2 year rule.

 

Anyone got the tablet .. may as well take it now.

 

What do you mean this benefit will dissapear under the 2 year rule

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We get ISMI and have yet to get a letter about any reduction in payment.

 

We have a suspended possession order on our main mortgage and have an upcoming possession hearing on our 2nd loan which is with the same lender.

 

Our local authority have helped us by negotiating with the lender and are putting us through the mortgage rescue scheme whereby we sell our home to a housing association and rent it back.

The LA were here yesterday as they have to confirm that our home is in good condition etc and he never said anything about this.

 

:jaw:

 

We have a possession claim being heard in 2 weeks time and now will have no extra payment being made so wont be able to make an offer of any kind. :mad2:

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Hi, I am disabled father of two and husband who cares for my ill wife,I recieve DLA mobility and the lower care componant and ESA. I used to work two jobs and run a successfull business. I bought a house which is modest and was well within our means and unfortunately, due to bad luck have came out of work due to a back injury and my wife has also suffered a serious illness. I have been claiming SMI interest for just over a year. My mortgage rate is fixed at 6.29% untill july 2013. My interest payments are £950 per month which is similar to equivilant rents in the area. I was recieving £750 per month towards this and struggled to top up the other 200 per month. My new SMI payments are £104 per week(£450 per month)!!! ( i now will have to find £500 per month xtra)If I were renting paying the same amount £950 per month I would be getting an extra £800 per month in benefits!!!!! This is crazy...I thought this country wants to save money!!!!

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Hi, I am disabled father of two and husband who cares for my ill wife,I recieve DLA mobility and the lower care componant and ESA. I used to work two jobs and run a successfull business. I bought a house which is modest and was well within our means and unfortunately, due to bad luck have came out of work due to a back injury and my wife has also suffered a serious illness. I have been claiming SMI interest for just over a year. My mortgage rate is fixed at 6.29% untill july 2013. My interest payments are £950 per month which is similar to equivilant rents in the area. I was recieving £750 per month towards this and struggled to top up the other 200 per month. My new SMI payments are £104 per week(£450 per month)!!! ( i now will have to find £500 per month xtra)If I were renting paying the same amount £950 per month I would be getting an extra £800 per month in benefits!!!!! This is crazy...I thought this country wants to save money!!!!

 

My payments are relatively modest compared to yours but it is still a worrying situation, if you look at my Talktalk link above, it is specifically about disabled homeowners and the problesm they face.,

 

I was interviewed by BBC News yesterday and my main point was that they have only given us 2 weeks notice of this sudden cut and where do they expect us to find the extra cash from ?.

 

If you read my DWP link above somewhere it has lots of statitics that show that only 28% of people are actually on a low tracker mortgage of around 2%, the rest are on far higher rates, the governemt point out that at present 92% of people receive more than the interest BUT under the new system only 50% will get all their interest paid, the rest will have to (try) and make up the shortfall, many will find this impossible, the government then seems to shift the burden on to the individual lenders (mine, was unaware of any changes).

 

Anyway, the BBC report should be on Breakfast News on Monday, the reporter (Samantha Washington) said that she will be contacting the lenders to add their comments.

 

Andy

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STILL not had a letter telling us whats happening - not impressed - how they expect people to find top-ups when they already exist on basic rations is beyond me :mad2:

 

As far as claiming that this country needs to save money - how then can they justify spending £12 million on a state visit by the pope???????

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You could phone up the Joc Center BDC and enquire as to whats going on, the person answering the phone wont know but should be able to get someone to give you a call back.

 

My letter was dated 13th and arrived Thursday (16th)

 

Andy

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I am so angry that this is not fair! they take so much info from you when you qualify that they could award each person a different amount to meet the mortgage payments needed surely! I had to beg my mum to cover my three months payments at the start of the process because of previous arrears! I am in negative equity so can not sell, I am a single mum of a baby and my ex husband who is also on the mortgage is no where to be found and not interested in helping me sort my mortgage out! So I am stuck and just about covered by the current support, but in two weeks i will face being in arrears again and as i am on a suspended repossession order (which i have managed to hold off for two years!) I will be repossessed! Moving myself and my son to who knows where, stress, loss and heart ache! I might have got on my feet in the next year or so but i guess now il be homeless for a while!

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Not sure what to add except that these new rules will clearly effect many people (official figures show that in reality only 28% of people are on a genuinelly low mortage of 2.1%, the rest are on higher tracker or fixed rate ones.

 

The government is well aware that this will affect people more but they want to shift the burden onto lenders, many of whom are already being very flexible, BUT these new rules do imply that lenders should be even more flexible and to quote the official report show 'foreberance'.

 

Anyone in trouble should contact their lender and point this out, the DWP report I posted early on has lots of useful info. and statistics.

 

Andy

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A facebook campaign was started last week when the letters started dropping through the doors but a lot of people wouldnt have been aware of this until the feature on the BBC yesterday.

 

SO JOIN NOW!

(The guy in the article is one of the members).

search for Campaign to make SMI fairer

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