Brendan Burgess
Founder
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125,000 borrowers in the UK receive Mortgage Interest Supplement. I am not sure what the conditions of qualifying are, but they are probably similar to the conditions which applied when we had it in Ireland.
But they are changing it so that in future, the government will give a low interest loan to pay the interest. It will be a second charge on the property and will be paid when the house is eventually sold. It will not result in a shortfall.
This is something I suggested to the Department of Social Welfare back when I was on the Expert Group on Mortgage Arrears but they dismissed it. They just got rid of MIS which I never really understood.
It would be so much cheaper to pay and administer than social housing or Mortgage to Rent.
Brendan
But they are changing it so that in future, the government will give a low interest loan to pay the interest. It will be a second charge on the property and will be paid when the house is eventually sold. It will not result in a shortfall.
This is something I suggested to the Department of Social Welfare back when I was on the Expert Group on Mortgage Arrears but they dismissed it. They just got rid of MIS which I never really understood.
It would be so much cheaper to pay and administer than social housing or Mortgage to Rent.
Brendan