THE scrapping of a scheme to help people struggling to pay their mortgage could be a ‘ticking timebomb’ for homeowners, warns Runcorn MP Mike Amesbury.

Many elderly residents say they are worried about the changes which are due to come into effect in April.

Support for Mortgage Interest is a benefit that helps people with the cost of their mortgage if they aren’t working.

It had been given as a benefit but is changing to a loan system that is secured against the property.

The changes were introduced as part of George Osborne’s Welfare Reform and Work Bill from July 2015.

Age UK Cheshire estimates that approximately 124,000 households will be affected and disappointingly almost half of these are pensioners.

The change from benefits to loan however won’t be automatic and Age UK warns that claimants must do something to prevent repossession as they will still be liable for their mortgage interest payments going forward after April when their benefit stops.

Weaver Vale MP Mr Amesbury said: “These changes haven’t been widely reported or advertised so many people who are being affected may only now just be finding out about it after they receive letters through their door.

“Age UK recommend taking independent financial advice, beginning with CAB or the Money Advice Service, rather than paid for independent financial advisors.

“They also say it is possible that there are viable alternatives to the DWP loan such as credit unions or an alternative lower interest loan if eligible.”

Mr Amesbury raised a Parliamentary question on the issue but is urging those in receipt of the benefit to seek advice so they aren’t caught out by the changes.