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Support For Mortgage Interest
Mortgage payers who lose their job and face problems affording their mortgage repayments may be eligible for a government scheme known as "support for mortgage interest" (SMI). The SMI scheme covers mortgage interest payments for those who have lost their jobs and who are also on means tested benefits, such as jobseekers allowance, income support and employment and support allowance. But,it only covers families where there is either one person responsible for the mortgage, or where a couple have both lost their jobs
SMI is available to those who qualify for certain income-related benefits, such as Jobseeker's Allowance and those who lose their jobs can normally apply for those benefits as soon as they are out of work. However payments do not start until the claimant has been out of work for three months.
Homeowners who have lost their jobs can claim after 13 weeks and for interest charged on up to the first 200,000 pounds of their outstanding mortgage. Mortgages higher than 200,000 pounds will still qualify for support but homeowners would have to top up interest for the amount borrowed above 200,000 pounds.
Those homeowners wanting to claim mortgage support should contact their Jobcentre Plus. If you are already getting Jobseeker's Allowance, you will only be able to claim help with housing costs for a maximum of two years. There is no time limit for existing claimants or to new claims from those receiving pension credit, income support, or income-related employment and support allowances.
The government say that they have made sure that as many people as possible will benefit from the support with their mortgage interest payments. A spokesperson said, "We don't want anyone who is worried about paying their mortgage to have to wait any longer than they need to for this financial help."
The amount homeowners can receive towards their mortgage interest under SMI is based on the assumption that they have to pay interest at 6.08 per cent - and that's irrespective of what they are actually paying. The government then pays the interest payments directly to their mortgage lender.
A spokesperson from Shelter, the housing charity, commentated: "Support for Mortgage Interest is welcome news for anyone struggling with their mortgage as a result of redundancy. It could make all the difference in keeping a roof over their heads." However, with 75,000 homes expected to be repossessed in the coming 12 months, hundreds of thousands of first time buyers priced out of the market, and millions stuck on waiting lists for council houses, the Government's help still is not going far enough.
The Government still has to consider longer term reform to safety nets for homeowners and must continue to make sure mortgage lenders use repossession only as a last resort. Whilst there remains much to do it can be said that they have already had some success in this regard. In response to government pressure, mortgage lenders have by and large agreed to delay repossession proceedings until six months after the mortgage holder first went into default. Bearing in mind the delays in getting cases before the courts and the subsequent implementation periods, most homeowners can remain in their home for 12 months after their first payment default.
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