Millions Rely On Fictional Mortgage Benefit

Millions Rely On Fictional Mortgage Benefit



Millions Rely on​ Fictional Mortgage Benefit
Around 3.85 million home owners believe that a​ non existent state benefit will enable them to​ keep up with mortgage repayments in​ the​ event of​ losing their income.
Almost one in​ ten home owners wrongly believe that the​ government will pay their mortgage if​ they are unable to​ do so for reasons such as​ redundancy or​ illness,​ according to​ new research.
However,​ the​ government will not help anyone with mortgage payments for the​ first nine months of​ unemployment and after that,​ unemployment assistance is​ only offered to​ a​ select group of​ people who have mortgages of​ less than £100,​000.
A further seven per cent of​ those surveyed by Lincoln Financial Group were not sure whether government assistance is​ available,​ and were seemingly unaware that the​ last Conservative government scrapped state aid in​ 1995.
Ian Noble,​ head of​ strategic partnerships at​ Lincoln Financial Group,​ said that the​ figures were a​ warning that million of​ Britons are enjoying a​ false sense of​ financial security,​ believing that the​ government will provide financial assistance if​ and when required.
That is​ not the​ case unfortunately .​
The government is​ not going to​ pay for your mortgage if​ you​ lose your job,​ and assuming that it​ will place people in​ real danger is​ a​ large risk as​ it​ suggests they have no other mortgage protection plan in​ place,​ said Mr .​
Noble.
Indicative of​ this perhaps is​ the​ news that mortgage repossessions are still continuing to​ rise dramatically,​ with repossession orders in​ England and Wales in​ the​ first three months of​ 2018 witnessing a​ 57 per cent rise.
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