Autumn Statement brings welcome news on SMI

In last week’s Autumn Statement there was good news for those struggling to pay their mortgage after campaigning by the Building Societies Association.

In last week’s Autumn Statement there was good news for those struggling to pay their mortgage after campaigning by the Building Societies Association.

The Chancellor announced two key changes to the Support for Mortgage Interest (SMI) scheme - reducing the waiting time from nine months to three months in the new financial year and abolishing the zero earnings rule to allow claimants to continue receiving support while in work and on Universal Credit.  Both of these changes mean more people will be able to access help to stay in their homes at challenging times.

SMI helps homeowners on certain benefits who are struggling financially by paying the interest on their mortgage. It’s paid as a loan, which needs to be repaid with interest when the house is sold or ownership transferred.

More information is available in the Autumn Statement document

You may also be interested in...

BSA Card
  • BSA.Event Event
  • Mortgages & Housing

Shaping the Future of the Mortgage Market: Insights on DP25/2

Join PwC and the Building Societies Association for a timely discussion on the FCA’s recent Future of the Mortgage Market discussion paper (DP25/2). ...

BSA Card
  • BSA.IndustryResponse Industry Response
  • Conduct Risk & Regulation

BSA responds to FCA CP25/17 - Targeted Support

The BSA welcomes the opportunity to respond to this consultation, which gives a use case of consumers with significant savings held in cash, and some ...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

What Labour’s Autumn 2025 Budget means for financial services

A free webinar hosted by BSA Associate, MHA With Chancellor Rachel Reeves set to unveil Labour’s Autumn 2025 Budget by early November, this promise...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

HMRC 3rd party data reporting requirements

A free webinar hosted by BSA Associate, PwC We will provide an update on the 3rd party data consultation that was announced in the Spring Statement...

BSA Card
  • BSA.Event Event
  • Audit & Taxation

Risk, regulatory, audit and accounting seminar

After a successful in-person event in 2024, and responding to delegate feedback, this year's annual update will once again take place in Birmingham. ...

BSA Card
  • BSA.Event Event
  • Mortgages & Housing

Annual meet-up for mortgage professionals

The 2025 Annual Mortgage Meet-up will be taking place in London on Thursday 25th September. Exploring some of the biggest issues shaping the futu...

BSA Card
  • BSA.Event Event
  • Conduct Risk & Regulation

Secretaries seminar

The role of a society secretary can be very broad. Beyond the core duties of preparing for board meetings and AGM and minute taking, secretaries are i...