Low income homeowners at risk as government axes mortgage support
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More than 100,000 low income households in the UK could find their mortgage repayments become unaffordable as the government announces it is axing the Support for Mortgage Interest benefit.
Low income households
Introduced in 1948, the Support for Mortgage Interest (SMI) benefit helped financially struggling borrowers keep up with their mortgage payments by paying the interest for them. The benefit has been a lifeline for many homeowners who would otherwise be in danger of falling behind on their payments and potentially facing repossession.
Now, however, the government has announced that from April of next year the benefit will be paid as a loan, with recipients having to repay the value of the support, plus interest.
Critics have said that the move will effectively force people currently receiving SMI to either take out what is essentially another mortgage from the government, or find a way to raise the extra money themselves to meet their payments.
| We can Help
If you’re one of the people affected by the change to Support for Mortgage Interest payments, or you’re struggling with arrears or negative equity on your property, then we can help.
At Negative Equity UK, our team of property debt specialists offers a range of possible solutions based on your individual situation. Whatever your circumstances, the process starts with a case review. We will obtain all of the original documentation on your mortgage from your lender so we can assess your needs and work out the best way for us to help you.
We don’t adopt a one size fits all approach to helping our clients. Instead, we offer bespoke solutions based on your specific needs and circumstances.
Many people need to sell their house in order to deal with their debt. In this case, we can arrange a shortfall sale and negotiate with your lender in order to write off as much of the remaining debt as possible, leaving you with a much smaller amount left to pay.
In September alone we wrote off a total of £1,287,323 of unaffordable mortgage debt for our clients.
If you’re in arrears on your mortgage, or you’re trapped in a property in negative equity and you need to move on take a look at our reviews and contact us on 0161 631 2727 or fill out a contact form on our website and we will arrange a call back and start the process of dealing with your property debt.