Hi I receive support for interest on my mortgage but the original deal i had has ran out and now gone to the standard rate 8.5% with Santander. My previous payment made by the DWP SMI was £205 per month, it’s now £815.00 per month !! I have tried to get some financial advice regarding the offers I can accept from Santander but impossible to get any free advice other than being referred to specialist help and still waiting for callbacks. I don’t understand any of it .. Do I switch on line as suggested by Santander to a fixed or tracker and for how long ? The rate the DWP says they will pay is around 3% and every deal Santander offer is over 5% ? I’d sincerely appreciate if someone could clarify what will happen if I choose a rate from Santander even their cheapest one.. Will I have to find the difference or will they pay for the interest and add it to the SMI loan i have and they have a charge already on my home ? Any advice would be so so appreciated.
