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823613

	registered interest
	date	16/01/2018
	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 estimate her Department has made of amount to be loaned to homeowners in the first year following the conversion of the Support for Mortgage Interest benefit to a loan.
	tabling member constituency	Rutherglen and Hamilton West
	tabling member printed	Ged Killen
	uin	123073
	answer	answer is ministerial correction date of answer 22/01/2018 answer text <p>Based on the assumptions in the 2017 Impact Assessment available at:</p><p><a href="http://www.legislation.gov.uk/ukia/2017/117/pdfs/ukia_20170117_en.pdf" target="_blank">http://www.legislation.gov.uk/ukia/2017/117/pdfs/ukia_20170117_en.pdf</a></p><p>the Department estimates that £156m will be loaned to homeowners in 2018/19, which is the first year following conversion of the Support for Mortgage Interest benefit to a loan.</p> answering member constituency North West Hampshire answering member printed Kit Malthouse question first answered 22/01/2018 15:29:07 answering member 4495 label Biography information for Kit Malthouse
	tabling member	4672 label Biography information for Ged Killen

856199

	registered interest
	date	06/03/2018
	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 the support for mortgage interest loan will have implications for a person's credit rating.
	tabling member constituency	Rutherglen and Hamilton West
	tabling member printed	Ged Killen
	uin	131365
	answer	answer is ministerial correction date of answer 12/03/2018 answer text <p>Support for Mortgage Interest (SMI) loans are not a typical credit product and as such will not appear on a customer’s credit report. There is no requirement to make monthly repayments and the loan is only recoverable on the sale or transfer of the customer’s property.</p> answering member constituency North West Hampshire answering member printed Kit Malthouse question first answered 12/03/2018 12:36:57 answering member 4495 label Biography information for Kit Malthouse
	tabling member	4672 label Biography information for Ged Killen

856200

	registered interest
	date	06/03/2018
	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 people who take out a mortgage interest loan will be required to notify or seek the permission of their existing mortgage lender to do so.
	tabling member constituency	Rutherglen and Hamilton West
	tabling member printed	Ged Killen
	uin	131366
	answer	answer is ministerial correction date of answer 12/03/2018 answer text <p>Mortgage lenders do not require their borrowers who are Support for Mortgage Interest (SMI) claimants to seek their permission to take an SMI loan. The Department will issue and manage SMI loans. The level of support will be calculated in the same way as under the current system and claimants and mortgage lenders will not see any difference in the payments they receive. The Department will notify lenders where a claimant decides to take up the offer of an SMI loan.</p> answering member constituency North West Hampshire answering member printed Kit Malthouse question first answered 12/03/2018 17:42:15 answering member 4495 label Biography information for Kit Malthouse
	tabling member	4672 label Biography information for Ged Killen

856201

	registered interest
	date	06/03/2018
	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 provisions there are for the repayment of an SMI loan in the event of bankruptcy or home repossession; and whether such loan repayments will be prioritised over other existing debt in such an event.
	tabling member constituency	Rutherglen and Hamilton West
	tabling member printed	Ged Killen
	uin	131367
	answer	answer is ministerial correction date of answer 12/03/2018 answer text <p>Where possible, a legal charge will be secured over the claimant’s property as security for the Support for Mortgage Interest (SMI) loan. The legal charge will rank below any pre-existing charges on the property including the mortgage. Pre-existing charge holders will always have priority in recovering their debt from the equity when a house is sold or in the event of bankruptcy and if the amount of equity available after the sale of the property is less than the amount due to be recovered the balance will be written off. Where a customer in receipt of SMI loan becomes bankrupt or enters an Individual Voluntary Arrangement (IVA) there is provision for SMI loan payments to continue if the claimant has a continuing liability to make mortgage repayments. The Department does not anticipate that the introduction of SMI loans will lead to an increase in the number of homes that are repossessed.</p> answering member constituency North West Hampshire answering member printed Kit Malthouse question first answered 12/03/2018 12:40:51 answering member 4495 label Biography information for Kit Malthouse
	tabling member	4672 label Biography information for Ged Killen