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.
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Distinction Admin
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.
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