As a result of the worsening recession in the UK and on a worldwide scale, many people have lost their jobs. Consequently, they are in danger of missing their monthly mortgage payments and possibly defaulting on them. Obviously it is important that you do not default on any loan, especially a mortgage, but for some it is nearly impossible to do so. The British government provides help for those who are unable to pay their mortgage in the form of the refinancing mortgage support for mortgage interest, or ISMI.
As of the beginning of the month, only 230,000 households received support through ISMI. This support is available to those who already receive similar benefits such as income support or income-based jobseeker's allowance, and amounts to an average of 40 per week. Previously, only people with mortgages up to 100,000 could apply for this support, but the government has recently expanded the program to include those who have mortgages of up to 200,000 as of January 5, 2009. This is to refinancing mortgage that more people receive help paying their mortgage should they lose their job.
In order to put in a claim for support, you need to provide information about your mortgage and housing costs for the extra payments, along with proof of your income, details of your financial situation, and related paperwork. In addition, your lender will also have to complete some forms which confirm the details of your loan. If you are approved for support, the wait time until you receive your extra payments is 13 weeks; if you are over 65, payments will start immediately.
Usually the payments are made directly to the lender at the end of every four weeks, so in some cases your payments may appear late. This is not a big concern since the lender should be aware that you are receiving assisted payments.
If you're not sure if you qualify for ISMI, or any other type of income support, you can get help from a local Citizens Advice or other advice centers. The government is trying to help as many people as it can to avoid massive repossessions, so if you lost your job recently, there is likely some form of support - even if it is short term - that will help you while you search for a new job. The economy may be in a recession, but thankfully not everything is as bleak as it seems.
Graham J Head
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