Malthus Posted February 18, 2011 Share Posted February 18, 2011 As BVI likes to point out the largest falls took place at the start of the crash, imho this was the result of government manipulation of the market through SMI support for mortgage holders in financial difficulty. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_180321 A two year time limit to SMI for new customers getting income-based Jobseeker's Allowance was introduced from 5 January 2009. This will start affecting some people from 5 January 2011. If you have received SMI for two years from 5 January 2009 or later, you will no longer receive help with your mortgage interest. Unfortunately we don't have the US " jingle mail " option or imho the banks/building societies would have more keys than a locksmith in the near future Quote Link to comment Share on other sites More sharing options...
Bear Necessities Posted February 18, 2011 Share Posted February 18, 2011 So how long roughly between losing SMI support and repossession (or forced selling) do you reckon? and how many people are in receipt of SMI? Quote Link to comment Share on other sites More sharing options...
Reraise Posted February 18, 2011 Share Posted February 18, 2011 Any idea of the numbers on SMI? Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted February 18, 2011 Share Posted February 18, 2011 Any idea of the numbers on SMI? around 227K http://www.moneysavingexpert.com/news/mortgages/2010/09/support-for-mortgage-interest-benefit-cut-by-thousands-of-pounds Quote Link to comment Share on other sites More sharing options...
Malthus Posted February 18, 2011 Author Share Posted February 18, 2011 Any idea of the numbers on SMI? http://www.bbc.co.uk/news/uk-northern-ireland-11394712 It said 7,000 NI households claiming SMI faced mortgage interest shortfalls. As I said a fixed market :angry: Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted February 18, 2011 Share Posted February 18, 2011 http://www.bbc.co.uk/news/uk-northern-ireland-11394712 As I said a fixed market :angry: "Its head of policy, Kevin Higgins, said this was about half of the total number of SMI claimants in Northern Ireland. " So 14,000 then in total, as of last September, with 7,000 "at risk of losing homes". I would expect the number to have risen since last Sept. At least 14,000 "home-owners" waiting for a return to the "good times". Good luck with that. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted February 18, 2011 Share Posted February 18, 2011 "Its head of policy, Kevin Higgins, said this was about half of the total number of SMI claimants in Northern Ireland. " So 14,000 then in total, as of last September, with 7,000 "at risk of losing homes". I would expect the number to have risen since last Sept. At least 14,000 "home-owners" waiting for a return to the "good times". Good luck with that. Families will be £2,500 worse off this year http://www.telegraph.co.uk/finance/personalfinance/8333713/Families-budget-to-be-2500-worse-off-this-year.html And petrol has hit a new high - oil at $104 a barrel and rising. Quote Link to comment Share on other sites More sharing options...
headmelter Posted February 19, 2011 Share Posted February 19, 2011 So how long roughly between losing SMI support and repossession (or forced selling) do you reckon? and how many people are in receipt of SMI? I know someone, smi was reduced around the end of last summer and is starting to feel the pinch but says he should be ok for another 12 months as long as there are no IR rises. He's hoping to get a job by then. He took 2 years out to give his missus a hand with their two new babies and had a bit of savings. Truth be told he wasn't expecting the economy to nose dive the way it has over the last couple of years. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted February 19, 2011 Share Posted February 19, 2011 http://www.bbc.co.uk/news/uk-northern-ireland-11394712 As I said a fixed market :angry: I dont know about that. If you look at it from the Gov/ Taxman's point of view. They are perhaps paying £400 a month towards keeping these people in a house. Hoping its short term until they get a job again (some will). If they let it go the Gov/taxman will have to find another rental house and will more likely have to pay more. Quote Link to comment Share on other sites More sharing options...
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