Mortgage Interest If You Are Over 60

our mortgage company have sent us a booklet along with a statement- www.moneymadeclear.fsa.gov.uk:okay:

Now we have discovered on page 5, that if either yourself or your partner are over 60 you may be entitled to Pension Credit. You may get an extra amount to cover your mortgage interest payments.

We are going to look into it and will report back on what happens - but is this is the case and we get some help with some of the interest paid albiet maybe a hundred or two a month that could help our situation ginormously.

[TUTTSI]

Re: Mortgage Interest If You Are Over 60

We have just completed a Pension Credit estimate on line and they state that we should be eligable for approx £80 per week and it could be backdated for 12 months. Hubby is now printing off the 36 pages and we will complete as this will help us ginormously and we may even decide not to move!!ray:


xx

[TUTTSI]

Re: Mortgage Interest If You Are Over 60

I have found this link which may also help.


http://www.thepensionservice.gov.uk/pensioncredit/

[TUTTSI]

Re: Mortgage Interest If You Are Over 60

Hubby phoned the Pensions peeps today and although going through the figures we may not be able to achieve the actual Pension Credits or if we can it will be very small, but we will almost certainly receive help with the interest payments on our mortgage- which for us will be simply amazing.
They also said that the interest payments are only backdated 3 months and not 12 months and they normally pay it directly to the lender.

So, if you are over 60 and have a mortgage, it is definately worth applying even if you are not eligable for the Pension Credits, help is available with the Interest payments and are there for the taking.

xxxx:okay::okay::okay:

[TUTTSI]

Re: Mortgage Interest If You Are Over 60

I have found a site which explains more about the help with mortgage interest you can received if you are over 60. It seems that they will only pay upto £100K at the bank of England rate - and not the rate which you may be currently paying.

Having calculated the figues in line with these guidelines it is looking fantasic for us and will as I said before it would be a wonderful help.:okay:

http://scotland.shelter.org.uk/advic...ipLive-26191-1

[Tools]

Re: Mortgage Interest If You Are Over 60

Excellent news Tuttsi, does this still affect your decision wether to put your house on the market or not?

[TUTTSI]

Re: Mortgage Interest If You Are Over 60

Hi Tools,

After a second call to the help line a different person has said that unless we fall in the Pension Credit limits we may not be able to get this particular benefit, the first person having told us that we would qualify. So having had 2 differing views we are still not sure what will hapen. In the meantime the forms have been completed and they will be sent next week and we will take it from there. So we have plan A and plan B.

Plan A, is we have the house on the market and we have it now on a multi agency as we have just instructed a second estate agents.

Plan B is if we receive these benefits and it is arround the £80 per week, we shal most definately stay as that would really help us.

Dxx

[Turboman]

Re: Mortgage Interest If You Are Over 60

Tuttsi

Did you ever get to bottom of this

Presumably its means tested??

[CYNthesys]

Re: Mortgage Interest If You Are Over 60

It is means tested.
Mortgage interest is only usually payable if you receive guaranteed pension credit.

[Turboman]

Re: Mortgage Interest If You Are Over 60

It is means tested.
Mortgage interest is only usually payable if you receive guaranteed pension credit.

Thanks Cyn--as I anticipated--just this thread got me interested

[TUTTSI]

Re: Mortgage Interest If You Are Over 60

Thanks Turbo for reminding me.....

We were so close, then found we did not fit the criteria.

Plan A and plan B both failed.

But we are enjoying the lower mortgage interest rates linked to the libor rate and has reduced very substatially and also we are nearly through paying the back mortgage arrears when Mr T had his eye ops and this caused us to fall 3+ months in arrears. It will be a godsend when that is finished in about 6 months time. Lets hope the mortgage rates stay down for a long long time.

[pompeyfaith]

Re: Mortgage Interest If You Are Over 60

well they recon it will be 2014 before the base rate goes up

But im not holding my breath lol