Income Support Mortgage Interest ISMI
Published / Last Updated on 30/09/2010
Income Support Mortgage Interest ISMI
by Ashley Clark, Director
Mortgage Lenders Interest Income Support
The Council of Mortgage lenders (CML) has issued a warning to the government against further spending cut provisions that involve the ISMI Income Support for Mortgage Interest scheme.
Last week ISMI was cut by 40% as people with larger loans willnot get any support.
ISMI starts at week 13 if you are not working and the State will start to pay interest on your mortgage.
The CML are concerned that a return to the 39 week qualification period may prove disastrous.
We suggest the CML is biased in that it is their income that will be maintained i..e. the interest they charge is paid so it is in their interests o lobby for the scheme to continue as is.
Perhaps if they did not lend as much or required all clients to establish accident, sickness and unemployment insurance then we would not be in this mess.
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