(SMI) Support for Mortgage Interest ending

Hi @sleepy1

I cannot access the CityAM site however found this source http://www.londonlovesbusiness.com/property/residential-property/the-great-estates-who-are-londons-10-largest-land-owners-by-size/12943.article

They are certainly the largest private landowner in London, but this is not the same as owning most of London. Other than  that I am happy to agree to disagree with you.

As I have said previously I do not support this move by the government because the little it saves is not worth the suffering it will bring. Especially alsongside the current corrupt way of assessing people to see what benefits they are entitled to, along with the sanctions regime currently in place.

I have also noted that they have moved goal post, as the earlier information suggested the interest paid would be linked with the Gilt Interest rate, a lower and more stable interest rate than CPI, which tends to be lower than the RPI. Both the CPI and RPI do tend to fluctuate a lot.

The very low Bank of England interest rate has also been in place for a lot longer than originally intended and once that starts rising again so will the interest on mortgages, another increase that is going to have an impact on vulnerable homeowners. With George Osborne patting himself on the back stating that we have finally resolved the defecit the reason for this historic suppression of the interest rate is over. It is only a matter of time and how quickly  the base rate will be allowed to rise. Either way this is going to have a huge impact on homeowners in general and vulnerable groups in particular.

It will also have a big impact on the private rented sector, especially at the lower end with a lot of buy to rent owners suddenly finding their figures just don't add up. Council housing depleted because of RTB and being forced to sell off their more expensive homes to pay for sales in housing associations social housing stock, with very little going to the council. Add to this large building projects with very little or no social housing being included along with 'affordable housing' which is not affordable to most local people.

In short we are heading towards a huge housing crisis, this move will just push the most vulnerable people further into trouble earlier and a lot quicker.

As to what can be done? The best advice I have seen is for people to let their MPs know what is going on by telling their own individual story. The odd few emails, letters or visits to the MP surgery will probably not have a large impact. But if they are receiving a large amount of constituents telling their individual stories then they are more likely to listen. MPs make law and MPs are the ones who will change the law. But also other things like signing the petition, using the local radio chat shows, especially when an MP is taking calls to raise awareness. 

What I don't think helps is muddying the waters with unrelated matters, or misinformation. It detracts from the message you are trying to get across. It also weakens your position to those who know the truth, or can easily look up the truth.

It also means that while I am in full agreement that SMI as a loan is wrong I have been verbally abused and accused of things on this community, if you (in general rather than you individually) are alienating the support you have here how well do you think it will go in the wider society?

Anyway I have decided to take a break from here for a few weeks as I have other things going on in my life. I wanted to reply to your post as I know that your posts have come from anger and frustration with what is happening but respect greatly that you have put this aside to try and engage meaningfully.

I wish you well with whatever happens and hope the government gets the message before they cause too much additional damage to the most vulnerable people in our society.

Signed and shared on facebook. We need a fairer system for housing costs, where we all get same rates whether in rented or mortgaged accommodation as either way we are paying someone else to live in a house be it a landlord or bank. The only caveat should be you can't get paid more than the monthly rent or mortgage payment actually costs. We accept the same rates in age bands for other benefits with additional premiums for x y z. So why cannot  similar system be used for housing costs?? Scope is this something you could look into?? As the SMI loan only really works forcanyobe who will be out of work a short time. Those of us that will never work again due to health or disability , are pensioners/retired early, and still  have a mortgage to pay are going to owe an awful lot of money. I have 17 years left on my mortgage and I worked out Im going to owe the dwp at least £23,000 at end.

Well its looking likely I'm going to be homeless soon. I have now sold my house and have not seen anything suitable within my budget. I feel so down and angry.

@sandraM sorry to hear how things are turning out for you. Have you contacted the support line? I know they cannot reduce the prices of homes in your area, but may have some ideas which could help or signpost somewhere else that might help. 

I know Debbie_Scope has a lot of experience in housing.

I hope something is sorted soon for you.

I think It is called Maladministarion, injustice inequality etc. We may not be able to change what the parliament have done but we can make a formal complaint about how they communicated (or rather lack of communication) with us or rather how little time they have given us, mixed messages on their website. Consequently how it has affected you ie if you have to extend your mortgage sell up and move causing undue stress anxiety making your health poorer. We should then take it to Parliamentary Ombudsman

I also still feel that people should at the same time reqest Mandatory Reconsideration on the grounds of reducing your benefit causing you hardship, injustice, inequality. Basically treating us unfairly. These are examples you can add your own.

so again itis maladminstration so how come scope are not helping people who have contacted you to give advice about what wording to use for Maladministration Why is scope and other charities for disabled and vurnerable people  jointly  not campaigning on our behalf? It apppears you have been aware of this for quite sometime why have none of the charties acted so far but instead are adamant for people to accept the Injustice. Scope did not even start a petition on our behalf URANIUM234UK started it.

Equity release may be an option for some. But you have to be very careful with equity release mortgages  there are  unscrupulous companies out . always get independent financial advice and do your research before taking out an  release mortgage.

Now for anyone whose sole income is disabilty benefits, like me, because  is only me , trying to remortgage to  cheaper rate or find a lender that will  take benefit income, and  both PIP and ESA together, has been nigh on impossible. I have spent the last 2.5 years trying to find one. I even raised the issue  times with Martin Lewis as  am locked into a  rate  to my inability to remortgage.

Anyway I found  mortgage broker on Facebook called The Better Mortgage Company. And  found me a  who will take PIP and ESA  sole income, and in principle would remortgage me onto   less than  of  one I am on as I passed their basic affordability checks. Unfortunately I failed the  score. But I can re-apply in   months if I improve my  score.

I will post their links shortly for anyone who wants it. If you contact them all I  is  tell them Deborah Hambley recommended them. I wont  any payments or anything, but it might help  re-application later.