Mortgage News
Budget 2014: Support for Mortgage Interest extended to 2016
Chancellor George Osborne announced the Support for Mortgage Interest scheme would be extended to 2016 in his annual Budget speech today.
The Support for Mortgage Interest (SMI) scheme provides support for homeowners receiving certain income-related benefits.
During the recession, the SMI scheme was temporarily set at a higher capital limit of £200,000 with a shorter waiting period of 13 weeks. The
scheme has helped over 200,000 people a year remain in their homes.
Osborne said: “To continue support for homeowners facing difficulties during the recovery, the SMI scheme will remain at its current, higher level until 31 March 2016.”
The scheme pays the interest payments on home loans or loans taken out for improvements on a property and are usually paid direct to the lender.
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