Subscribe Feed (RSS)Income Support For Mortgage Interest Cap Increased To £175,000
October 23rd, 2008 by Karelia | Filed under Property Market News.Musings of a London Property Search Agent.
Following our blog yesterday regarding repossessions, we thought we should draw your attention to the increased benefits available to working age homeowners who are made redundant. From April 2009, those on job-seekers allowance will temporarily be entitled to claim income support for mortgage interest after 13 weeks and up to a capital limit of £175,000, increased from £100,000.
Not of much comfort for bankers with £500,000 mortgages based on stock worth a fraction of the mortgage value, however these moves should reassure careful homeowners who fall on hard times.
Of course the best course of action is preventative, so we would advise people to take out Mortgage Payment Protection Insurance or Income Protection Insurance or a mixture of the two, however these products are fairly expensive and need to be in place in advance of notice that redundancy may be on the cards. Speak to your financial advisor or contact one of our advisers below, mentioning this blog when you call. Note that unlike many companies, we don’t make money from recommendations we make. We prefer to ensure our Clients have access to the best advisers at competitive prices. The London Property Search Agent offers a first rate service with all the best advisors.
Alan Mudd John Charcol alm@charcol.co.uk 0845 413 1176.
Tags: Income Protection, Income Support For Mortgage Interest, London Property Search Agent, Mortgage Payment Protection, Redundancy
