Cancer patients and long-term ill at risk of repossession as Government support falls short

And the support being offered to those 12,000 is falling far short in many cases, with the Government providing loans based on interest rates of 2.65 per cent, which isStruggling low-income homeowners used to be able to receive grants to help with their mortgage payments under the Government’s Support for Mortgage Interest scheme.

Jane, who did not want to give her last name, is one of the homeowners whose SMI loan is falling far short of her rising monthly payments. Alongside the interest rate limit, Jane is also impacted by the SMI cap that will only see the Government help with the interest on loans up to £200,000. To give an idea of how many people are affected, we can look at trade body UK Finances’ figures for the entire mortgage market. It shows:Roughly 16 per cent of UK mortgage holders came off their fixed rate deal since last June

Karen, who did not want to provide her last name, has also fallen into mortgage arrears due to the shortfall in her SMI loan.

Source: Healthcare Press (healthcarepress.net)

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