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Psychoduck

Big problem with Mortgage Interest Relief payments.

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Hi there,

 

For the past 16 months on benefits due to mental health issues, we've been receiving Mortgage Interest Relief. Our mortgage with the Halifax was a fixed 5 year rate (started in February 2008) and was set at 5.5% ... it's a full repayment and interest payment we currently do. However, because we dont have the cash Halifax kindly postponed the cash payments and just receive interest from the MIR payments, but have not switched us over to an interest only mortgage because they're aware that we're trying to get back into work and would hope to repay the shortfall within a year of returning to work.

 

Work however, is looking a bit further away. Obviously the current work climate isn't great, which has no help for my depression and bouts of anxiety so i was actually advised at the job centre to wait until at least march of next year before trying to get back into work to give me time to complete my therapy, and to aim for a solid job, and not the seasonal ones that are filling the market at the moment in case it leads to more issues when i'm let go after the contract and have to start the benefit process again.

 

So far. So simple.

 

Today we got a letter "Due to a change in your circumstances, we're changing how much we give you"

 

Basically, our MIR has now been reduced from £103, down to £62 per week leaving us £160 short! £160 we cant afford, at all, and something our mortgage company likely wont be happy to see is now going to be missing.

 

I phoned up to find out what the change in our circumstances was, which was apparently to the Bank of England changing their rate from 6% down to 3.2%... what good does that do me though? we're locked in for 30 more months. So are millions of other people, countless of which who are likely on benefits and going to be in the same situation as me now where despite being helped, are going to face the very real prospect of losing their home.

 

I asked what we were meant to do, and was just told "Phone your mortgage supplier, and ask if they will accept a lower payment" ... They wont! they already accept less than we should pay, they're not going to take half of that as acceptable!

 

Has anyone got any idea what our rights are, and what we should do?

 

I've struggled so much with anxiety, stress and depression for the last 2 years (as has my wife) and this year we felt we finally turned the corner and were on the way to recovery and hopefully me getting back into work, even after being told to wait for a few months I was still positive, but this has just completely messed me up now and I really need to find a way to do something about it before i break down again.

 

please help. :\

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Psychoduck

Dont no what part of the world your in but we recieved the same letter yesterday im in n, ireland i have to find £130 a week to pay my mortgage now my jsa is only £99 a week

we questioned why and was told that it was a govt cut back and the mir had to be reduced and theres nothing you can do about it you cant even appeal it

so we can see where the govt going now we all to be homeless im with halifax but they dont want to no

we dont no what to do i dont believe they can just do this no warning i have contacted my cab and im waiting for them to reply i was told by the unemployment office to go to my Mp (yeah that will do me some good) i now believe the people that were screwing the system were right i have worked all my life paid all my taxes , vat, got into no trouble and when you need them it f-------of

 

sorry for language but really am sick at present and tired strugling just when you get something sorted the tables turn again

its a long rant sorry

 

sparky1966

 


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Psychoduck

Dont no what part of the world your in but we recieved the same letter yesterday im in n, ireland i have to find £130 a week to pay my mortgage now my jsa is only £99 a week

we questioned why and was told that it was a govt cut back and the mir had to be reduced and theres nothing you can do about it you cant even appeal it

so we can see where the govt going now we all to be homeless im with halifax but they dont want to no

we dont no what to do i dont believe they can just do this no warning i have contacted my cab and im waiting for them to reply i was told by the unemployment office to go to my Mp (yeah that will do me some good) i now believe the people that were screwing the system were right i have worked all my life paid all my taxes , vat, got into no trouble and when you need them it f-------of

 

sorry for language but really am sick at present and tired strugling just when you get something sorted the tables turn again

its a long rant sorry

 

sparky1966

 

It could have been worse!!

 

The review for the mortgage interest payments was to take place in Feb 2011. If they had waited until then, using the formulae they use the interest rate you would have got would have been just over 2%.

Seeing that they have done it earlier, they have given a further 1% up to 3% to help people out.

 

Yes it is a reduction form 6.08% to 3.2%, but it could have been 6.08% to 2.1%!!! That really would have caused a few problems.

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yes grumpyoleman i do understand that

 

but they havent said they wouldnt still review it in 2011 as well they are going to bring us to our knees wait and see

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Well I phoned Halifax yesterday, basically got told tough crap... phoned CAB, who told me tough luck, but will see me on Wednesday... phoned job centre again for any more ideas how to make up the money they've reduced and got told stretch it out again... then called our MP's office and was asked to leave a message, told them what it concerned and was told point blank that our MP wont be dealing with this issue but if i send in a written complaint it, along with many others, will be kept on file and send to the correct person when appropriate, whatever the hell that means.

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Well I phoned Halifax yesterday, basically got told tough crap... phoned CAB, who told me tough luck, but will see me on Wednesday... phoned job centre again for any more ideas how to make up the money they've reduced and got told stretch it out again... then called our MP's office and was asked to leave a message, told them what it concerned and was told point blank that our MP wont be dealing with this issue but if i send in a written complaint it, along with many others, will be kept on file and send to the correct person when appropriate, whatever the hell that means.

 

I think you will find that it means that there is more hope in finding cheddar cheese growing on bushes on the moon!!

Basically, it has been decided by the powers that be - who obviously know a lot more about budgeting on a low income - than you or I, that as the country is in such a state that only by reducing the rate will we be able to provide finances for their duck houses!!!

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yes grumpyoleman i do understand that

 

but they havent said they wouldnt still review it in 2011 as well they are going to bring us to our knees wait and see

 

There will be no need to adjust it again. There will be nobody around to receive it - the homes will have all been repossessed!

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