Mortgage Interest Supplement

[stress pains]

Is there any state help with mortgage repayments. I have agreed an interest only with my bank. That is €400 per mth. My only income is 188 euro social welfare. I have no savings.

 

[gipimann]

Mortgage Interest Supplement was abolished for new customers at the start of the year.

 

[emeralds]

How are you living on less than €100 per week? Do you want to keep your house?

 

[stress pains]

its a case of having to live on less than 100 euro.
it would cost me more to rent a place.
Cant believe there is no help.

 

[unsurediy]

We had been getting mortgage interest supplement for just over 3 years but in January we received a letter informing us we were no longer entitled to it.
So I think it is not just newbies that wont be getting it.

 

[itsallwrong]

Q - gipimann
Mortgage Interest Supplement was abolished for new customers at the start of the year.

I have an offer from the bank which I think will affect the MIS payment I get. Any ideas how I can check the number?
MIS case officer never answers the phone

 

[gipimann]

The office dealing with your claim can confirm exact entitlements.

This page may be of some assistance
http://www.citizensinformation.ie/e...calculating_mortgage_interest_supplement.html

 

[laurah5]

Hi itsallwrong,
Your mis is calculated based on the level of interest paid, if your bank is offering you less than Interest only or you have arrears on your account, your mis will be stopped! If your offered a split or an interest rate reduction, your mis will be cut proportionately! If your offered interest only/ interest and part capital or loan term extension - no impact!
What have the bank offered and is the repayment affordable excluding mis?

 

[itsallwrong]

gipimann - disaster to get hold of CWO. Even left letters in - totally understaffed and swamped with workload.
'entitlements' is a word I have come to be wary of..

rang Citizens - man said he had very little info on his system as the award and adjustment is a lot of the time down to the discretion of the officer !!
So much for the formula and by the book !

laurah5 - If I lost MIS, €100 worse off per month, allowing for reduced mortgage payment.
Offered plan is full interest and part capital. Term extension and arrear recap.

 

[laurah5]

gipimann - disaster to get hold of CWO. Even left letters in - totally understaffed and swamped with workload.
'entitlements' is a word I have come to be wary of..

rang Citizens - man said he had very little info on his system as the award and adjustment is a lot of the time down to the discretion of the officer !!
So much for the formula and by the book !

laurah5 - If I lost MIS, €100 worse off per month, allowing for reduced mortgage payment.
Offered plan is full interest and part capital. Term extension and arrear recap.

Hi itsallwrong,
Your MIs shouldn't be overly affected by that arrangement given that you will still be paying all your monthly interest.. You need to ensure that you don't fall into arrears though!