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tabling member printed	Ruth George
answering dept id	29
max answer › date of answer	2017-12-07

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registered interest

date

exactly:

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and

answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member constituency

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member constituency

answering member printed

question first answered

answering member


label

tabling member


label

800586

registered interest

date

04/12/2017

answering body

Department for Work and Pensions

answering dept id

answering dept short name

Work and Pensions

answering dept sort name

Work and Pensions

hansard heading

Support for Mortgage Interest

house id

legislature

25259

	pref label	House of Commons

question text

To ask the Secretary of State for Work and Pensions, what steps he has taken to support people who, in the event of outstanding loans on their property increasing due to the replacement of mortgage interest credits with an interest-bearing loan from April 2018 (a) accrue negative equity in their home, (b) are threatened with re-possession of their home and (c) have their home re-possessed.

tabling member constituency

High Peak

tabling member printed

Ruth George

uin

117207

answer

is ministerial correction

date of answer

07/12/2017

answer text

Support for Mortgage Interest (SMI) loans will continue to provide robust protection against repossession to all eligible claimants in times of need. The level of support available will be calculated in the same way as under the current benefit system. Claimants who take SMI loans and mortgage lenders will not see any difference in the payments they receive. There is no reason to expect lenders to behave any differently to now and we do not anticipate that this measure will lead to an increase either in threats to repossess or the number of homes that are repossessed. A low level of interest will be charged on these loans based on the cost of gilts. This rate reflects the cost of Government borrowing and is forecast to be 1.5 per cent when SMI loans are introduced in April 2018. Recovery of SMI loans will not be pursued until the property is sold or transferred, although a recipient may volunteer early repayment at any time that they are able to do so. If the amount of equity available to the Department for Work and Pensions after the sale of the property is less than the amount due to be recovered the balance will be written off. This includes cases where the property has negative equity. SMI benefit claimants are being contacted in advance of loans being introduced in April 2018.Claimants are given information about how the SMI loan will work, about alternatives to the loan and organisations that can offer further information. Claimants are encouraged to consider how they can fulfil their mortgage commitments should they choose not to take up an SMI loan.

answering member constituency

Gosport

answering member printed

Caroline Dinenage

question first answered

07/12/2017 15:48:07

answering member

4008

	label	Biography information for Dame Caroline Dinenage

tabling member

4662

	label	Biography information for Ruth George