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1109209
star this property registered interest false more like this
star this property date less than 2019-04-02more like thismore than 2019-04-02
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, if she will make an assessment of the effectiveness of replacing the Support for Mortgage Interest scheme with a loans-based system from April 2018. more like this
star this property tabling member constituency Weaver Vale more like this
star this property tabling member printed
Mike Amesbury more like this
unstar this property uin 240106 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-04-08more like thismore than 2019-04-08
star this property answer text <p>Support for Mortgage Interest is designed to provide protection against the threat of repossession. The new loans system provides exactly the same level of support and provides exactly the same level of protection from repossession as the previous system. We continue to work closely with the lending industry to ensure the scheme delivers its intended aim. The conversion of SMI from a benefit to a loan is estimated to save around £140m in welfare spending.</p><p> </p><p>The Department is using evidence from a number of sources to assess the impact of the conversion to a loan on an on-going basis, including management information on claimant take up and feedback from stakeholder groups, including via our regular liaison with UK Finance, to assess whether there are unintended consequences for particular groups.</p> more like this
star this property answering member constituency Colchester more like this
star this property answering member printed Will Quince more like this
star this property question first answered
less than 2019-04-08T12:59:13.927Zmore like thismore than 2019-04-08T12:59:13.927Z
star this property answering member
4423
star this property label Biography information for Will Quince more like this
star this property tabling member
4667
unstar this property label Biography information for Mike Amesbury more like this
1128350
star this property registered interest false more like this
star this property date less than 2019-05-22more like thismore than 2019-05-22
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what support her Department provides to people with a support for mortgage interest loan (SMI) who need to move house but are unable to do so due to having an SMI loan secured on their property. more like this
star this property tabling member constituency Stevenage more like this
star this property tabling member printed
Stephen McPartland more like this
unstar this property uin 257581 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-05more like thismore than 2019-06-05
star this property answer text <p>Owner-occupiers possess a valuable capital asset which may increase in value over time. It is reasonable to ask claimants who receive help towards the costs of this asset to repay that when they are able to. Most SMI claimants already have significant equity accrued upon take-up of an SMI loan and those with an SMI loan secured against their property are likely to continue accruing value beyond the repayment of an SMI loan, facilitating a move if necessary.</p> more like this
star this property answering member constituency Colchester more like this
star this property answering member printed Will Quince more like this
star this property question first answered
less than 2019-06-05T16:07:13.8Zmore like thismore than 2019-06-05T16:07:13.8Z
star this property answering member
4423
star this property label Biography information for Will Quince more like this
star this property tabling member
4093
unstar this property label Biography information for Stephen McPartland more like this
1131397
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what support his Department provides for disabled individuals who need to move due to the changing nature of their disabilities but may be prevented from doing so due to the recovery of a Support for Mortgage loan. more like this
star this property tabling member constituency Stevenage more like this
star this property tabling member printed
Stephen McPartland more like this
unstar this property uin 263148 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-17more like thismore than 2019-06-17
star this property answer text <p>Over time someone’s house is likely to increase in value, so it is reasonable to expect those who have received taxpayers’ help towards their mortgage to repay from the equity released when the property is sold. However, the repayment of the loan should not be a barrier to people improving their lives. We have considered this and I am pleased to announce that we will be introducing the option for home-owners to defer repayment of their SMI loan when moving to a new home. This means that claimants who need to move, for example, because of the changing nature of a disability or for better career opportunities, are not prevented from doing so. These new arrangements require changes to regulations which I will bring forward as soon as the Parliamentary timetable allows.</p> more like this
star this property answering member constituency Colchester more like this
star this property answering member printed Will Quince more like this
star this property question first answered
less than 2019-06-17T09:30:14.103Zmore like thismore than 2019-06-17T09:30:14.103Z
star this property answering member
4423
star this property label Biography information for Will Quince more like this
star this property tabling member
4093
unstar this property label Biography information for Stephen McPartland more like this
1143138
star this property registered interest false more like this
star this property date less than 2019-09-02more like thismore than 2019-09-02
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, how many Support for Mortgage Interest Loans have been repaid since April 2018. more like this
star this property tabling member constituency Birkenhead more like this
star this property tabling member printed
Frank Field more like this
unstar this property uin 284563 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-09-09more like thismore than 2019-09-09
star this property answer text <p>Since 1 April 2018 there have been 647 Support for Mortgage Interest Loans repaid in Great Britain and 36 have been repaid in Northern Ireland.</p> more like this
star this property answering member constituency Colchester more like this
star this property answering member printed Will Quince more like this
star this property question first answered
less than 2019-09-09T11:08:14.08Zmore like thismore than 2019-09-09T11:08:14.08Z
star this property answering member
4423
star this property label Biography information for Will Quince more like this
star this property tabling member
478
unstar this property label Biography information for Lord Field of Birkenhead more like this
1143137
star this property registered interest false more like this
star this property date less than 2019-09-02more like thismore than 2019-09-02
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, how many Support for Mortgage Interest loans are attached to current universal Credit claims. more like this
star this property tabling member constituency Birkenhead more like this
star this property tabling member printed
Frank Field more like this
unstar this property uin 284578 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-09-06more like thismore than 2019-09-06
star this property answer text <p>Some homeowners in receipt of Universal Credit, along with other qualifying benefits, may be able to get help towards interest payments on their mortgage or loans taken out for certain repairs and improvements to their home. This help is called Support for Mortgage Interest (SMI). Assistance is paid as a loan normally paid direct to the lender, which needs to be repaid with interest when a home is sold or ownership is transferred.</p><p> </p><p>There were 450 households on Universal Credit on 13th June 2019 that were in receipt of SMI loan payments.</p><p> </p><p><strong>Note:</strong></p><ol><li>Figures have been rounded to the nearest 10.</li></ol> more like this
star this property answering member constituency Colchester more like this
star this property answering member printed Will Quince more like this
star this property question first answered
less than 2019-09-06T13:28:48.243Zmore like thismore than 2019-09-06T13:28:48.243Z
star this property answering member
4423
star this property label Biography information for Will Quince more like this
star this property tabling member
478
unstar this property label Biography information for Lord Field of Birkenhead more like this
1640654
star this property registered interest false more like this
star this property date less than 2023-05-25more like thismore than 2023-05-25
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property 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. more like this
star this property tabling member printed
Lord Field of Birkenhead more like this
unstar this property uin HL8131 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2023-06-07more like thismore than 2023-06-07
star this property 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>
star this property answering member printed Viscount Younger of Leckie more like this
star this property question first answered
less than 2023-06-07T12:52:43.717Zmore like thismore than 2023-06-07T12:52:43.717Z
star this property answering member
4169
star this property label Biography information for Viscount Younger of Leckie more like this
star this property tabling member
478
unstar this property label Biography information for Lord Field of Birkenhead more like this
1581365
star this property registered interest false more like this
star this property date less than 2023-01-26more like thismore than 2023-01-26
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Cynon Valley more like this
star this property tabling member printed
Beth Winter more like this
unstar this property uin 133806 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2023-02-01more like thismore than 2023-02-01
star this property 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> more like this
star this property answering member constituency Mid Sussex more like this
star this property answering member printed Mims Davies more like this
star this property question first answered
less than 2023-02-01T11:47:12.133Zmore like thismore than 2023-02-01T11:47:12.133Z
star this property answering member
4513
star this property label Biography information for Mims Davies more like this
star this property tabling member
4809
unstar this property label Biography information for Beth Winter more like this
1688685
star this property registered interest false more like this
star this property date less than 2024-02-08more like thismore than 2024-02-08
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Richmond Park more like this
star this property tabling member printed
Sarah Olney more like this
unstar this property uin 13798 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2024-02-23more like thismore than 2024-02-23
star this property 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> more like this
star this property answering member constituency Mid Sussex more like this
star this property answering member printed Mims Davies more like this
star this property question first answered
less than 2024-02-23T11:56:05.807Zmore like thismore than 2024-02-23T11:56:05.807Z
star this property answering member
4513
star this property label Biography information for Mims Davies more like this
star this property tabling member
4591
unstar this property label Biography information for Sarah Olney more like this
1688687
star this property registered interest false more like this
star this property date less than 2024-02-08more like thismore than 2024-02-08
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Richmond Park more like this
star this property tabling member printed
Sarah Olney more like this
unstar this property uin 13799 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2024-02-23more like thismore than 2024-02-23
star this property 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> more like this
star this property answering member constituency Mid Sussex more like this
star this property answering member printed Mims Davies more like this
star this property question first answered
less than 2024-02-23T11:57:27.377Zmore like thismore than 2024-02-23T11:57:27.377Z
star this property answering member
4513
star this property label Biography information for Mims Davies more like this
star this property tabling member
4591
unstar this property label Biography information for Sarah Olney more like this
1585427
star this property registered interest false more like this
star this property date less than 2023-02-08more like thismore than 2023-02-08
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Support for Mortgage Interest remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Cynon Valley more like this
star this property tabling member printed
Beth Winter more like this
unstar this property uin 142864 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2023-02-24more like thismore than 2023-02-24
star this property 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>
star this property answering member constituency Mid Sussex more like this
star this property answering member printed Mims Davies more like this
star this property grouped question UIN
142865 more like this
142866 more like this
142867 more like this
star this property question first answered
less than 2023-02-24T14:25:14.003Zmore like thismore than 2023-02-24T14:25:14.003Z
star this property answering member
4513
star this property label Biography information for Mims Davies more like this
star this property tabling member
4809
unstar this property label Biography information for Beth Winter more like this