interest on mortgage

[michael007]

i lost my job a few weeks ago due to economic climate.
When i went to sign on, i was informed any interest on the mortgage after being unemployed for more than 13 weeks, the benifits system would pay the interest.
First when it says interests ? does this mean my monthly installments �284 would be paid for.
Or is it just a part of the �284.
Any help plz.

[Ethel]

If you have an interest only mortgage, usually linked to an endowment, they pay the whole of the monthly mortgage fee, less any linked insurance payments. They will not pay the endowment.

If you have a straight forward repayment mortgage, which the majority of mortgages are these days, they will pay the interest each month but not the capital repayment portion of the mortgage.

[michael007]

Thank you for replying to my question Ethel.
Its a loan i took from bank to pay off a legal charge loan on the house.
Not sure if this is the same.
Look forward to your answer.
Once again thank you.

[factor-fiction]

It's not easy for us to help you if you don't know yourself what kind of loan you have. I suggest you ask the bank and the DWP. If it's just a bank loan rather than a mortgage you may not be eligible for the same benefits, but I'm no expert in this area so you need to ask the bank and DWP.

[themas]

This sounds like a secured loan (replacing a charge which had been put on to secure an earlier loan on the house). If that is the case, it is not a loan or mortgage taken out to purchase the home and it is unlikely you will get any help with it.

do what factor30 says.