New Mortgage Support Service for Homeowners Worried About Meeting Their Mortgage Costs or Already Falling Into Arrears
BHT Hastings Advice Centre has set up a new free and confidential Mortgage Support Service. The service is available to homeowners who are worried about meeting their mortgage costs or are already falling into mortgage arrears. The new service is being provided at a time of increased economic uncertainty, benefit cuts and an anticipated rise in interest rates. The new service will be provided from The Advice and Community Hub, London Road, St. Leonards.
BHT’s qualified and experienced staff will liaise directly with mortgage lenders, provide financial health checks – looking at budgeting and benefit entitlements, and provide support, information, advocacy and guidance. The service will provide practical help and support for people who have already fallen into mortgage arrears, and also just as importantly, provide advice and guidance for people who have concerns about meeting their current and future mortgage costs. Support for Mortgage Interest (SMI) is a means-tested benefit currently claimed by 161,000 people. Homeowners entitled to SMI can get help with monthly payments on a mortgage worth up to £200,000. On 6 July 2015 the SMI rate dropped from 3.63% to 3.12%, and on a £150,000 25 year mortgage the amount that can be claimed each month will fall by over £60. This could result in families breaching court orders and facing eviction.
Hastings is a national and regional hotspot for repossessions. According to the latest figures, Hastings is ranked 6th in the whole of the South East for home repossessions, and there are currently over 400 local families claiming SMI. Jo Wilson, Manager at BHT Hastings Advice Service said “This brand new service is as much about helping people already in financial difficulty as it is about providing support and information to help prevent others from ending up in similar situations. We really do want to work with people and the mortgage lenders, to reduce the number of home repossessions and to help people plan and budget for their futures, to help prevent families from experiencing the devastating effects of losing their home.
BHT is providing the Mortgage Support Service from The Advice & Community Hub, Renaissance House, London Road, St. Leonards. Call us on 01424 452613 or email email@example.com