Mortgage Interest Supplement Allowance -Is there a maximum period one can receive it?

Hi,

I'd be grateful if someone could advise me on the following:

If someone loses their job, I realise that they are entitled to a mortgage interest supplement allowance to help with mortgage repayments.

1) However, how long will the Government continue to pay this for if the person can't secure a new job? (e.g. I'm assuming that the Government wouldn't pay it for 3 years)

2) Does one have to pay the mortgage supplement back to the Government in the future?

Re: Mortgage Interest Supplement Allowance -Is there a maximum period one can receive

It is payable as long as you need it and it is not repayable. It is only help withthe interest - not the capital repayments
see more here http://www.citizensinformation.ie/c...-welfare-schemes/mortgage_interest_supplement

Re: Mortgage Interest Supplement Allowance -Is there a maximum period one can receive

Thanks for reply but in that case why are so many homes being reposessed if people can avail of such ongoing financial support from the Government?

Re: Mortgage Interest Supplement Allowance -Is there a maximum period one can receive

Not everyone may qualify for Mortgage Interest Supplement, which may explain the repossession figures.

Re: Mortgage Interest Supplement Allowance -Is there a maximum period one can receive

It's crazy; I'm currently on a fixed interest only mortgage of 5.45%. Due to reduced days and pay cuts etc, financially, I would be better off leaving my job and signing up for Mortgage Interest supplement.

Re: Mortgage Interest Supplement Allowance -Is there a maximum period one can receive

Paulk said:

Thanks for reply but in that case why are so many homes being reposessed if people can avail of such ongoing financial support from the Government?

Click to expand...

What makes you think there are a lot of houses being reposessed?
According to this article AIB and BOI only did 6 in 2008 - between them.

http://www.independent.ie/national-news/new-rules-delay-house-repossessions-1639945.html

Re: Mortgage Interest Supplement Allowance -Is there a maximum period one can receive

But how many were repossessed by Smart and GE etc, a lot more i'm guessing. But you are right there are very few PPR repossessions, most that we hear about are investment properties and developers.

One that was in the paper last week was a woman who took out the mortgage in 2002 and had not made a single repayment since and even she was given more time, i think 6 months.