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1640654

	registered interest
	date	25/05/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the adequacy of Support for Mortgage Interest in the light of rising interest rates.
	tabling member printed	Lord Field of Birkenhead
	uin	HL8131
	answer	answer is ministerial correction date of answer 07/06/2023 answer text <p>The rate of SMI we pay is based on the Bank of England average published rate and recently increased from 2.09% to 2.65% in May 2023. Any further changes will occur when the average differs by 0.5 percentage points or more from the rate in payment.</p><p>SMI is intended to provide reasonable support by making a contribution towards mortgage interest to protect claimants against the threat of repossession.</p><p>To support low-income mortgage borrowers with rising interest rates, from April 2023, we extended the support SMI provides by allowing those on Universal Credit to apply for a loan after three months, instead of nine. We also abolished the earnings rule to allow claimants to continue receiving support while in work and on Universal Credit.</p><p>For those who need additional support the Government is providing an additional £1 billion of funding, including Barnett impact, to enable a further extension to the Household Support Fund in England over the 2023/24 financial year. In England, this scheme will be backed by £842 million, running from 1 April 2023 to 31 March 2024, which local authorities will use to help households with the cost of essentials. It will be for the devolved administrations to decide how to allocate their additional Barnett funding.</p> answering member printed Viscount Younger of Leckie question first answered 07/06/2023 12:52:43 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	478 label Biography information for Lord Field of Birkenhead

1581365

	registered interest
	date	26/01/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what steps he is taking to ensure the affordability of mortgages for people reliant on Support for Mortgage Interest, who have recently experienced an increase in their mortgage interest rates.
	tabling member constituency	Cynon Valley
	tabling member printed	Beth Winter
	uin	133806
	answer	answer is ministerial correction date of answer 01/02/2023 answer text <p>Support for Mortgage Interest (SMI) makes a contribution towards eligible mortgage interest to enable people to remain in their homes without fear of repossession. SMI is calculated by applying a standard rate of interest to the capital balance on the outstanding loan. The standard interest rate is set at a level equal to the Bank of England's published monthly average mortgage interest rate. This rate was selected because it is an average of the rates that apply to claimants’ mortgages including fixed and variable rate mortgages. This will change when the Bank of England average mortgage rate differs by 0.5 percentage points or more from this figure.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 01/02/2023 11:47:12 answering member 4513 label Biography information for Mims Davies
	tabling member	4809 label Biography information for Beth Winter

1688685

	registered interest
	date	08/02/2024
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, how many applications for Support for Mortgage Interest loans have been (a) rejected and (b) accepted in each of the last two years.
	tabling member constituency	Richmond Park
	tabling member printed	Sarah Olney
	uin	13798
	answer	answer is ministerial correction date of answer 23/02/2024 answer text <p>We do not record the information requested because eligible benefit claimants are offered a loan when they become eligible for Support for Mortgage Interest (SMI) which they can choose to accept. It is worth noting that we publish, on a quarterly basis, the number of households who are in receipt of SMI <a href="https://www.gov.uk/government/collections/support-for-mortgage-interest-statistics" target="_blank">here.</a></p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 23/02/2024 11:56:05 answering member 4513 label Biography information for Mims Davies
	tabling member	4591 label Biography information for Sarah Olney

1688687

	registered interest
	date	08/02/2024
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, how much money has been paid out for Support for Mortgage Interest loans in each of the last 2 years.
	tabling member constituency	Richmond Park
	tabling member printed	Sarah Olney
	uin	13799
	answer	answer is ministerial correction date of answer 23/02/2024 answer text <p>The amount of SMI payments made in the financial year 2021/22 is £25 million and financial year 2022/23 is £22 million. This is rounded to the nearest million and is in relation to households in payment in Great Britain.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 23/02/2024 11:57:27 answering member 4513 label Biography information for Mims Davies
	tabling member	4591 label Biography information for Sarah Olney

1585427

	registered interest
	date	08/02/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 1 February to Question 133806 on Support for Mortgage Interest, what the Bank of England's monthly average mortgage interest rate used to calculate the Support for Mortgage Interest standard interest rate was on 1 February 2023.
	tabling member constituency	Cynon Valley
	tabling member printed	Beth Winter
	uin	142864
	answer	answer is ministerial correction date of answer 24/02/2023 answer text <p>The primary purpose of SMI is to provide owner-occupiers receiving an income-related benefit with a level of support that is sufficient to protect them from the threat of repossession. Lenders recognise that the payments we make will not always mirror the mortgage-holders liability, but we expect that they will, nonetheless, exercise forbearance.</p><p> </p><p>On 31st January 2023, the Bank of England released their latest monthly average mortgage rate. This relates to December 2022 and stands at 2.51%.</p><p> </p><p>The rate at which SMI is paid changes only when the Bank of England average varies from the rate in payment by 0.5% or more. Through guidance from the Financial Conduct Authority, lenders are aware that a change to the rate of SMI payments is triggered only in these circumstances and so should continue to offer tailored forbearance to their customers.</p><p> </p><p>While SMI is kept under review, particularly when markets are more volatile, there are currently no plans to amend this policy. No assessment has been made of the financial impact on recipients of changing the standard interest rate before the trigger point.</p> answering member constituency Mid Sussex answering member printed Mims Davies grouped question UIN 142865 142866 142867 question first answered 24/02/2023 14:25:14 answering member 4513 label Biography information for Mims Davies
	tabling member	4809 label Biography information for Beth Winter

1585428

	registered interest
	date	08/02/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 1 February to Question 133806 on Support for Mortgage Interest, what the reason is for the requirement for the Bank of England's published monthly average mortgage interest rate to exceed the Support for Mortgage Interest standard interest rate by 0.5% before the latter is updated.
	tabling member constituency	Cynon Valley
	tabling member printed	Beth Winter
	uin	142865
	answer	answer is ministerial correction date of answer 24/02/2023 answer text <p>The primary purpose of SMI is to provide owner-occupiers receiving an income-related benefit with a level of support that is sufficient to protect them from the threat of repossession. Lenders recognise that the payments we make will not always mirror the mortgage-holders liability, but we expect that they will, nonetheless, exercise forbearance.</p><p> </p><p>On 31st January 2023, the Bank of England released their latest monthly average mortgage rate. This relates to December 2022 and stands at 2.51%.</p><p> </p><p>The rate at which SMI is paid changes only when the Bank of England average varies from the rate in payment by 0.5% or more. Through guidance from the Financial Conduct Authority, lenders are aware that a change to the rate of SMI payments is triggered only in these circumstances and so should continue to offer tailored forbearance to their customers.</p><p> </p><p>While SMI is kept under review, particularly when markets are more volatile, there are currently no plans to amend this policy. No assessment has been made of the financial impact on recipients of changing the standard interest rate before the trigger point.</p> answering member constituency Mid Sussex answering member printed Mims Davies grouped question UIN 142864 142866 142867 question first answered 24/02/2023 14:25:14 answering member 4513 label Biography information for Mims Davies
	tabling member	4809 label Biography information for Beth Winter

1585429

	registered interest
	date	08/02/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if she will consider the potential merits of the Support for Mortgage Interest standard interest rate mirroring real-time changes in the Bank of England's published monthly average mortgage interest rate.
	tabling member constituency	Cynon Valley
	tabling member printed	Beth Winter
	uin	142866
	answer	answer is ministerial correction date of answer 24/02/2023 answer text <p>The primary purpose of SMI is to provide owner-occupiers receiving an income-related benefit with a level of support that is sufficient to protect them from the threat of repossession. Lenders recognise that the payments we make will not always mirror the mortgage-holders liability, but we expect that they will, nonetheless, exercise forbearance.</p><p> </p><p>On 31st January 2023, the Bank of England released their latest monthly average mortgage rate. This relates to December 2022 and stands at 2.51%.</p><p> </p><p>The rate at which SMI is paid changes only when the Bank of England average varies from the rate in payment by 0.5% or more. Through guidance from the Financial Conduct Authority, lenders are aware that a change to the rate of SMI payments is triggered only in these circumstances and so should continue to offer tailored forbearance to their customers.</p><p> </p><p>While SMI is kept under review, particularly when markets are more volatile, there are currently no plans to amend this policy. No assessment has been made of the financial impact on recipients of changing the standard interest rate before the trigger point.</p> answering member constituency Mid Sussex answering member printed Mims Davies grouped question UIN 142864 142865 142867 question first answered 24/02/2023 14:25:14 answering member 4513 label Biography information for Mims Davies
	tabling member	4809 label Biography information for Beth Winter

1585430

	registered interest
	date	08/02/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, what assessment she has made of the financial impact on recipients of the delay in uprating of Support for Mortgage Interest standard interest rates.
	tabling member constituency	Cynon Valley
	tabling member printed	Beth Winter
	uin	142867
	answer	answer is ministerial correction date of answer 24/02/2023 answer text <p>The primary purpose of SMI is to provide owner-occupiers receiving an income-related benefit with a level of support that is sufficient to protect them from the threat of repossession. Lenders recognise that the payments we make will not always mirror the mortgage-holders liability, but we expect that they will, nonetheless, exercise forbearance.</p><p> </p><p>On 31st January 2023, the Bank of England released their latest monthly average mortgage rate. This relates to December 2022 and stands at 2.51%.</p><p> </p><p>The rate at which SMI is paid changes only when the Bank of England average varies from the rate in payment by 0.5% or more. Through guidance from the Financial Conduct Authority, lenders are aware that a change to the rate of SMI payments is triggered only in these circumstances and so should continue to offer tailored forbearance to their customers.</p><p> </p><p>While SMI is kept under review, particularly when markets are more volatile, there are currently no plans to amend this policy. No assessment has been made of the financial impact on recipients of changing the standard interest rate before the trigger point.</p> answering member constituency Mid Sussex answering member printed Mims Davies grouped question UIN 142864 142865 142866 question first answered 24/02/2023 14:25:14 answering member 4513 label Biography information for Mims Davies
	tabling member	4809 label Biography information for Beth Winter

1602386

	registered interest
	date	08/03/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if he will provide a breakdown of the total amount of money given out in Support for Mortgage Interest by (a) Parliamentary Constituency and (b) Local Authority.
	tabling member constituency	Richmond Park
	tabling member printed	Sarah Olney
	uin	161372
	answer	answer is ministerial correction date of answer 17/03/2023 answer text <p>Regional breakdowns are published quarterly and are available <a href="https://www.gov.uk/government/collections/support-for-mortgage-interest-statistics" target="_blank">here.</a></p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 17/03/2023 14:15:45 answering member 4513 label Biography information for Mims Davies
	tabling member	4591 label Biography information for Sarah Olney

1602387

	registered interest
	date	08/03/2023
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Support for Mortgage Interest
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, how many individuals have applied for support with mortgage interest payments and are waiting for a decision.
	tabling member constituency	Richmond Park
	tabling member printed	Sarah Olney
	uin	161373
	answer	answer is ministerial correction date of answer 15/03/2023 answer text <p>We do not record the information requested because eligible benefit claimants are offered a loan when they become eligible for Support for Mortgage Interest (SMI) which they can choose to accept.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 15/03/2023 11:46:41 answering member 4513 label Biography information for Mims Davies
	tabling member	4591 label Biography information for Sarah Olney