Dreaded mortgage reduction letter arrived!!!

How does she know that your mortgsge rate has fallen? Is it bank of england mortgage rate mayb, your provider might not drop the rate that much. She told me that it will affect me and I must call my privider.

Basically DWP were paying all the mortgage at a higher rate which covered my mortgage now they have dropped the rate for us it may not cover. Its a big drop, if u remeber the rates dropping before it was not that much, 180 a month is a big drop.

Hi Tommo

I think you are missing something because i am on a fixed rate mortgage so mine wont reduce!!!! I am going to see if i get can get anymore help once the INF2 arrives. If not i guess my home will be repossessed eventually as there is no way i will be able to get by. Unless i can come to some arangement with my mortgage lender.

Mm

Hi

Can anyone tell me how to go about applying for a disabled council bungalow. I havnt got a clue where to start. This way i could sell my property, i will just about break even as there is little equity. This way it will save the stigma of having my home repossessed.

Mm

Just been thinking some more..ouch !!...Anyway the way I see it what the dwp/esa are doing is reducing the payments for the mortgage interest by the amount we would have had our interest reduced anyway by the change in interest rates charged by the mortgage company's... the esa lady I spoke to earlier said my mortgage interest payments had in fact been overpaid for a few months because the dwp/esa only review once a year..!!

millymoo wrote:

Hi Tommo

I think you are missing something because i am on a fixed rate mortgage so mine wont reduce!!!! I am going to see if i get can get anymore help once the INF2 arrives. If not i guess my home will be repossessed eventually as there is no way i will be able to get by. Unless i can come to some arangement with my mortgage lender.

Mm

Mine's a interest only mortgage that has recently come out of a fixed term rate so my payments would have come down anyway...
I can't see as it would be cost effective to let people like us to be repossessed as it would cost a lot more to rehouse and pay the high rents.

shaznay wrote:

How does she know that your mortgsge rate has fallen? Is it bank of england mortgage rate mayb, your provider might not drop the rate that much. She told me that it will affect me and I must call my privider.

Basically DWP were paying all the mortgage at a higher rate which covered my mortgage now they have dropped the rate for us it may not cover. Its a big drop, if u remeber the rates dropping before it was not that much, 180 a month is a big drop.

I was under the impression that the mortgage company let the dwp know what payments are reqd ?