Dss withdrawing support for clients with mortgages

[LOVELYDOVEY05]

We currently have £60OOO outstanding on our mortgage which is being paid by DSS We have heard they are stopping this support in April Will we have to sell then?

I assume you're talking about the support for mortgage interest benefit which just pays the interest on mortgages?

That's being replaced by a loan...which will be secured against your house and which will also grow as interest is payable.

So...considering you have so much outstanding, I would sell...or you're going to incur more debt.

Make an appointment with the CAB immediately.

Be careful about selling as that could leave you with a lump sum of money that could prevent you entitlement to benefit.

The benefit has already ended so if your DD hasn't been raised you could find your in arrears with the mortgage.

You best option is to try and cover the mortgage payments yourself. Of course this might not be possible, it should be about £200 A month

The next question to ask yourself is can the mortgage company lower the payments by extending the term of the mortgage. Is this then enough for you to be able to raise the extra to cover the mortgage?

And finally work out how long you are likely to be on benefits. If it's a short term thing accepting the loan might not be a bad thing. In the end you might not have the option but do contact the mortgage company and discuss options first