Support for Mortgage Interest
(asked on 29th March 2023) - View Source
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, when support for mortgage interest will be implemented; and what that figure will be.
This question was answered on 17th April 2023
An increase to the rate paid through the SMI scheme was triggered on Wednesday 29th March 2023. The rate will increase from 2.09% to 2.65% and will be implemented no later than 10th May 2023.
The rate of SMI payments only changes when the Bank of England’s average mortgage rate differs by 0.5 percentage points or more from the standard interest rate.