pobby Posted March 7, 2006 Share Posted March 7, 2006 Am I right in thinking that when houses were being repossed in the last crash you got some help from the government.I seem to remember that they would pay your interest bit of the mortgage up to 120k for a while.Any one rememder? Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted March 7, 2006 Share Posted March 7, 2006 (edited) Am I right in thinking that when houses were being repossed in the last crash you got some help from the government.I seem to remember that they would pay your interest bit of the mortgage up to 120k for a while.Any one rememder? I;m sure I remember a story of one ex city trader having the interest on a huge mortgage being paid, so not sure of the exact limits. But yes, no income - all interest paid right from the start of unemployment. Now - limits (and checks on any other savings) and a 9 month wait I believe. Edited March 7, 2006 by OnlyMe Quote Link to comment Share on other sites More sharing options...
Neil D Possitt Posted March 7, 2006 Share Posted March 7, 2006 (edited) They will now only pay the interest on the first 100k of a mortgage. This rule came into force in about 1995, it used to be an unlimited amount before that. Edited March 7, 2006 by Neil D Possitt Quote Link to comment Share on other sites More sharing options...
pobby Posted March 7, 2006 Author Share Posted March 7, 2006 They will now only pay the interest on the first 100k of a mortgage. This rule came into force in about 1995, it used to be an unlimited amount before that. Even so when it goes belly up @ say 5.25% thats a fair old bit of dosh the tax payer is gonna have to find. Quote Link to comment Share on other sites More sharing options...
cupidstunt Posted March 7, 2006 Share Posted March 7, 2006 Even so when it goes belly up @ say 5.25% thats a fair old bit of dosh the tax payer is gonna have to find. What will happen to someone who's mew'ed - Will the Tax payer end up paying their cc debts? i.e. the interest on. Quote Link to comment Share on other sites More sharing options...
pobby Posted March 7, 2006 Author Share Posted March 7, 2006 What will happen to someone who's mew'ed - Will the Tax payer end up paying their cc debts? i.e. the interest on. never occured to me that mew issue.I cant remember wether it was popular before the last crash. Quote Link to comment Share on other sites More sharing options...
Neil D Possitt Posted March 8, 2006 Share Posted March 8, 2006 What will happen to someone who's mew'ed - Will the Tax payer end up paying their cc debts? i.e. the interest on. It they can prove they spent the MEW on "home improvements", yes. Otherwise, no. Also, anyone who still has a mortgage dating from before the rules changed in the mid 90's will still get the interest paid from the first day of unemployment. The change to a 9 month delay didn't apply to existing mortgages, only new mortgages taken out from that point onwards. Quote Link to comment Share on other sites More sharing options...
eek Posted March 8, 2006 Share Posted March 8, 2006 The limit is £100,000 and nothing is paid for the first 9 months after you claim unemployment benefit or income support. Unless you are on incapacity benefit the odds of repossession beginning before it starts being paid is 100% so you better hope you have an income insurance policy. Quote Link to comment Share on other sites More sharing options...
Neil D Possitt Posted March 8, 2006 Share Posted March 8, 2006 As far as I am aware the scheme does not pay anything other than the purchase of the house...so no, it will not pay mew that has been used to buy holiday homes and 4x4s. The limit is £100K and it pays the interest only. They allow "essential repairs & improvements" to be included in the loan; Guide to Income Support ....but not 4x4s etc ! Quote Link to comment Share on other sites More sharing options...
homeless Posted March 8, 2006 Share Posted March 8, 2006 surely the payments made should be payable on any increase in value when sold Quote Link to comment Share on other sites More sharing options...
2005 Posted March 8, 2006 Share Posted March 8, 2006 never occured to me that mew issue.I cant remember wether it was popular before the last crash. As far as I am aware the scheme does not pay anything other than the purchase of the house...so no, it will not pay mew that has been used to buy holiday homes and 4x4s. The limit is £100K and it pays the interest only. This is not a scheme designed to help people avoid repo during a crash. The scheme is ongoing and pays the interest on any home up to £100K if that person is on income support or unemployment benefit. If we did have a crash I wouldn't put it past Gordon to increase this limit. Quote Link to comment Share on other sites More sharing options...
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