Support for Mortgage Interest
(asked on 22nd November 2022) - View Source
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, if he will take steps to increase Support for Mortgage Payments to reflect interest rate rises.
This question was answered on 28th November 2022
Support for Mortgage Interest (SMI) is calculated using a standard interest rate that is based on the Bank of England’s monthly published average mortgage rate.
Any increase in SMI payments will occur when the Bank of England’s average monthly mortgage rate differs from the standard rate by 0.5 percentage points or more.