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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

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

1647829

	registered interest
	date	26/06/2023
	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 he has made of the adequacy of the Support for Mortgage Interest scheme, in the context of the increase in the bank rate in June 2023.
	tabling member constituency	North Down
	tabling member printed	Stephen Farry
	uin	191193
	answer	answer is ministerial correction date of answer 28/06/2023 answer text <p>No assessment has been made of the adequacy of Support for Mortgage interest (SMI) since interest rates have risen, although the Department continues to monitor the impact of our policies on an on-going basis.</p><p> </p><p>SMI is intended to provide reasonable support by making a contribution towards mortgage interest to protect claimants against the threat of repossession. The rate of SMI we pay is based on the Bank of England average 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.</p><p> </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 rule which prevented Universal Credit claimants from receiving support if they were in work.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 28/06/2023 16:17:52 answering member 4513 label Biography information for Mims Davies
	tabling member	4856 label Biography information for Stephen Farry

1647830

	registered interest
	date	26/06/2023
	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 support DWP is providing to social security benefit claimants using the Support for Mortgage Interest scheme who are coming to the end of a mortgage fixed rate term.
	tabling member constituency	North Down
	tabling member printed	Stephen Farry
	uin	191194
	answer	answer is ministerial correction date of answer 04/07/2023 answer text <p>The purpose of Support for Mortgage Interest (SMI) is to enable people to stay in their homes without fear of repossession and, as such, it makes a contribution towards the interest on their mortgages.</p><p> </p><p>The rate of SMI we pay is based on the Bank of England published average rate and recently increased from 2.09% to 2.65% on May 2023. Any further changes to the interest rate will occur when the Bank of England average mortgage rate differs by 0.5 percentage points or more from the rate in payment.</p><p> </p><p>As we use an average figure, some people will receive more than the amount of interest charged on their mortgage and other less. We have broad agreement with the lending industry that the amount we pay in SMI will be sufficient to avert any threat of repossession, even where that is less than the borrowers contracted liability.</p><p> </p><p>To support benefit claimants with rising interest rates, on 3 April 2023, we extended the support SMI provides by offering UC claimants loans after three months, instead of nine. We have also extended SMI to in- work UC claimants so they can now receive support while working. The SMI reforms will extend support to an additional approximate 200,000 low income homeowners, providing an additional approximate £50m in support.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 04/07/2023 15:41:16 answering member 4513 label Biography information for Mims Davies
	tabling member	4856 label Biography information for Stephen Farry

1650009

	registered interest
	date	04/07/2023
	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, with reference to paragraph 2.7(m) of the minutes of the Social Security Advisory Committee meeting held on 25 January 2023, what assessment he has made of the adequacy of advice provided to the committee on the potential impact of interest rates on changes to the Support for Mortgage Interest scheme.
	tabling member constituency	Leicester South
	tabling member printed	Jonathan Ashworth
	uin	192315
	answer	answer is ministerial correction date of answer 10/07/2023 answer text <p>The advice given to the Social Security Advisory Committee (SSAC) was, and remains, accurate.</p><p> </p><p>The rate of SMI we pay is based on the Bank of England published average rate and recently increased from 2.09% to 2.65% in May 2023. Any further changes to the interest rate will occur when the Bank of England average mortgage rate differs by 0.5 percentage points or more from the rate in payment.</p><p> </p><p>As we use an average figure, some people will receive more than the amount of interest charged on their mortgage and others less. We have broad agreement with the lending industry that the amount we pay in SMI will be sufficient to avert any threat of repossession, even where that is less than the borrowers contracted liability.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 10/07/2023 16:47:05 answering member 4513 label Biography information for Mims Davies
	tabling member	4244 label Biography information for Jonathan Ashworth

1655872

	registered interest
	date	01/09/2023
	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 he has made of the effectiveness of the Support for Mortgage Interest scheme at supporting homeowners with rising mortgage costs.
	tabling member constituency	Wirral West
	tabling member printed	Margaret Greenwood
	uin	195979
	answer	answer is ministerial correction date of answer 08/09/2023 answer text <p>SMI provides reasonable support by making a contribution towards mortgage interest to protect claimants against the threat of repossession. The rate of SMI is based on the average mortgage rate published by the Bank of England and recently increased from 2.09% to 2.65% in May 2023. Any further changes will occur when the average mortgage rate differs by 0.5 percentage points or more from the rate in payment.</p><p>To support mortgage borrowers with rising interest rates, on 3 April 2023, we extended SMI by offering Universal Credit claimants a loan after three months, instead of nine and extended to in-work UC claimants.</p><p>No assessment has been made of the adequacy of Support for Mortgage interest (SMI) since interest rates have risen, although the Department continues to monitor the impact of our policies on an on-going basis.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 08/09/2023 11:06:42 answering member 4513 label Biography information for Mims Davies
	tabling member	4400 label Biography information for Margaret Greenwood

1655873

	registered interest
	date	01/09/2023
	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, whether he has made a comparative assessment of the effectiveness of the (a) Support for Mortgage Interest scheme and (b) pre-April 2018 scheme.
	tabling member constituency	Wirral West
	tabling member printed	Margaret Greenwood
	uin	195980
	answer	answer is ministerial correction date of answer 08/09/2023 answer text <p>We recently extended the support SMI provides by offering Universal Credit claimants a loan after three months, instead of nine, and extending to in-work UC claimants. These changes allow more UC claimants to access SMI, and therefore better protect against repossession, than when SMI was paid as a benefit.<strong><em>    </em></strong></p><p> </p><p>No comparative assessment has been made. Support for Mortgage Interest (SMI) transitioned from a benefit to a loan in April 2018. The support provided as a loan is calculated at the same level as it was when it was a benefit, therefore it provides the same level of protection for individuals against repossession. Loans are only repayable from any available equity when the property is sold or the claimant dies.</p> answering member constituency Mid Sussex answering member printed Mims Davies question first answered 08/09/2023 11:02:43 answering member 4513 label Biography information for Mims Davies
	tabling member	4400 label Biography information for Margaret Greenwood