Changes to SMI (Support for Mortgage Interest) from April

The government has been asked to delay a new “second mortgage” scheme which is due to start next month (April), after axing the Support for Mortgage Interest scheme.

The Support for Mortgage Interest scheme was a benefit that supported homeowners on a low income. This is going to be replaced by the new scheme; where people are loaned the money and then have to repay it at a later date, with interest added.

The government have been asked to delay the scheme to give people affected the time to receive all the information about the new changes, and theĀ support to make an informed decision.

It is feared thousands could face real hardship, and possible repossession if they fail to complete the process in time.

Read the full Guardian article here: https://www.theguardian.com/money/2018/feb/05/state-benefit-support-mortgage-interest-loan

 

 

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