Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Supplementay Mortgage Interest

  • 15-07-2011 6:47pm
    #1
    Redsquigy
    Registered Users, Registered Users 2 Posts: 176 ✭✭


    I lost my job almost 1.5 years ago. I am now on Job Seekers Allowance. I get €126 per week as I have a lodger under the Rent a Room Scheme for the last 9 years. I had Redundancy Insurance which paid my mortgage for 12 months. This has now finished. I applied to the local Community Welfare Officer for Supplementary Mortgage Interest and he now wants me to get a valuation on my house. I do not owe more than the house is worth. Has anybody else had to do this in order in qualify for this Mortgage interest benefit. He said that "his boss" asked him to tell me this. I told him that would cost me more money that I do not have. He said that they had taken my savings into consideration and I told him that was what was left of my redundancy - not savings. I worked all my life since I was 17 and was with my last employers for 19 years. I have paid all my bills, etc. out of my redundancy and I am not in debt (yet) to anybody. The Bank have agreed to restructure my mortgage repayments but only for 5 months. This is now under appeal as the repayments are way over what I can pay. What can I do now to get this Supplementary Mortgage interest?


Comments

  • #2
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Redsquigy wrote: »
    I lost my job almost 1.5 years ago. I am now on Job Seekers Allowance. I get €126 per week as I have a lodger under the Rent a Room Scheme for the last 9 years. I had Redundancy Insurance which paid my mortgage for 12 months. This has now finished. I applied to the local Community Welfare Officer for Supplementary Mortgage Interest and he now wants me to get a valuation on my house. I do not owe more than the house is worth. Has anybody else had to do this in order in qualify for this Mortgage interest benefit. He said that "his boss" asked him to tell me this. I told him that would cost me more money that I do not have. He said that they had taken my savings into consideration and I told him that was what was left of my redundancy - not savings. I worked all my life since I was 17 and was with my last employers for 19 years. I have paid all my bills, etc. out of my redundancy and I am not in debt (yet) to anybody. The Bank have agreed to restructure my mortgage repayments but only for 5 months. This is now under appeal as the repayments are way over what I can pay. What can I do now to get this Supplementary Mortgage interest?

    Your redundancy, whether you classify it as savings or not, is still an asset which is taken into consideration.
    Mortgage Interest Supplement is not a benefit paid for through PRSI so it's irrelevant that you worked since you were 17.

    If you have a large amount in redundancy, it might be an idea to pay as much off your mortgage as possible. Depending on the type of mortgage you could save 5.8% per annum (e.g. ptsb variable rate) in interest.

    I suggest you start paying your mortgage out of your cash. As long as you are making an effort to repay the bank will not have a leg to stand on and cannot force you to pay more than you can afford.

    I doubt anyone can give you better advice without knowing the specifics, namely how much your house is worth, what remains on your mortgage (amount and term), how much you have in savings (including redundancy) and your monthly mortgage repayments.


Advertisement