All change for those on benefits who have mortgages…

All change for those on benefits who have mortgages…

If you claim means tested benefits and have a mortgage you may be affected by a change that comes into force in April 2018.

Up until then you will have received a payment to help you with your mortgage costs as part of your benefits package. From April you will get a loan which will be secured on your home and become repayable to the government when  there is a change in your circumstances such as moving . The amount of the loan will need to be repaid at that point. For more information , check out the government website on this Mortgage Interest

If you are going to be affected by this, then someone will contact you to talk through the options. For instance, you might prefer to downsize, get a private loan,  borrow from friends or family or take Equity Release rather than have the government loan. A recent report indicated that, at the moment, very few people have opted to have the government loan from April. If you need help on working out the best option for you, we can book you an appointment with our Independent Financial Adviser – free of charge.

If you want an appointment, please telephone us on 02031660953 and talk to our Gateway Assessor about this.

If you want to see more about the topic from Citizens Advice – here is the link to the national information on Mortgages and Welfare Benefits