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Help re Mortgage Interest
- Jasmine3234
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13 years 7 months ago #55505 by Jasmine3234
Help re Mortgage Interest was created by Jasmine3234
I have just been awarded high rate DLA both components and it looks like I qualify for Severe Disability Premium. This would mean my mortgage interest would go from £18.70 a week to an extra £53.00 ish.
My question is, does it matter whether your mortgage is on capital repayment only or interest only? The reason I ask is because I have two thirds of the mortgage on interest only and the other third on repayment.
I am looking to cash in the endowments and pay money off the mortgage, then put the lot on capital repayment. WOULD THIS AFFECT THE AMOUNT OF MONEY THE DWP PAY FOR MY MORTGAGE INTEREST?
I really need some good advice soon so please, if anyone could advise.
Many thanks
My question is, does it matter whether your mortgage is on capital repayment only or interest only? The reason I ask is because I have two thirds of the mortgage on interest only and the other third on repayment.
I am looking to cash in the endowments and pay money off the mortgage, then put the lot on capital repayment. WOULD THIS AFFECT THE AMOUNT OF MONEY THE DWP PAY FOR MY MORTGAGE INTEREST?
I really need some good advice soon so please, if anyone could advise.
Many thanks
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- Gordon
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13 years 7 months ago - 13 years 7 months ago #55509 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Re:Help re Mortgage Interest
Jasmine
We don't advise on Mortgage related benefits, and given the nature of your questions I believe you need to seek face to face advice with regard to whether you are eligible to receive any relief on your mortgage and what the payments might be.
You most certainly need advise before carrying out your plan to reduce your current mortgage debt as there can be issues with regard to the disposal of assets.
One last thing, I'm not sure I understand the link between your DLA and SDP and the amount of interest you pay?
There is information on how the Government can help on the following link.
www.direct.gov.uk/en/MoneyTaxAndBenefits...dArrears/DG_10013261
Gordon
We don't advise on Mortgage related benefits, and given the nature of your questions I believe you need to seek face to face advice with regard to whether you are eligible to receive any relief on your mortgage and what the payments might be.
You most certainly need advise before carrying out your plan to reduce your current mortgage debt as there can be issues with regard to the disposal of assets.
One last thing, I'm not sure I understand the link between your DLA and SDP and the amount of interest you pay?
There is information on how the Government can help on the following link.
www.direct.gov.uk/en/MoneyTaxAndBenefits...dArrears/DG_10013261
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Last edit: 13 years 7 months ago by Gordon.
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