Written questions, answers and statements

Support for Mortgage Interest

Show full question

Question for Department for Work and Pensions

UIN 93495, tabled on 22 November 2022

Question

Bob Stewart
Conservative
Beckenham
Commons

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.

Answer

Mims Davies
Conservative
Mid Sussex
Commons

Answered on

28 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.

Answered by

Department for Work and Pensions