Consult with mortgage broker, Deal Direct, to discuss SMI.
If you are receiving SMI payments (Support for Mortgage Interest), consulting with mortgage broker, Deal Direct, can help you to understand how you might be impacted by the imminent changes to the regulations.
The fears around the new regulations are that borrowers, who are already finding it hard to meet their mortgage repayments, could find themselves in a worse position.
At the moment, the support, which can be used to pay off a mortgage, can be claimed by:
- the unemployed
- those who already claim benefits
- those in receipt of a pension
However, from April 2018, SMI is being withdrawn.
The plan is to replace it with a loan from the Department of Work and Pensions instead, which must be repaid with interest upon the sale of the property. Changes are being made to eligibility and claimants will not automatically be transferred to the new loan but must go through the process of reapplying.
There is growing concern that the changes will cause more people to have trouble and they could face losing their homes.
Speaking with a Deal Direct advisor could help you to find a mortgage solution that significantly decreases your monthly repayments, and may help you to avoid continuing to receive SMI or having to reapply for the DWP loan.
To find out how we could help you to reduce your monthly mortgage repayment, contact Deal Direct.
Speak to us today by calling 0800 048 8828.
