Tag Archives: support for mortgage interest

21 November 2022 – today’s press releases

  • Mortgage ticking time bomb: Homeowners facing biggest interest payment hike on record
  • Jane Dodds Responds to FIFA’s Decision to Force Team Wales not to wear LGBT+ One Love armbands

Mortgage ticking time bomb: Homeowners facing biggest interest payment hike on record

  • True cost of the mortgage ticking time bomb revealed by Liberal Democrat analysis of OBR figures
  • Homeowners are paying the price for the Conservative Government crashing the economy

British mortgage owners will face the biggest hike in interest payments on record, the Liberal Democrats can reveal.

Buried in the OBR Budget documents is the stark forecast detailing that mortgage interest payments will double over …

Posted in News and Press releases | Also tagged , , and | 6 Comments

7 November 2022 – the overnight press release

One in four mortgage borrowers fear losing their homes due to unpaid bills

  • New poll reveals homeowners expect their mortgage bills to rise and are worried about losing their home, defaulting on a payment or cutting down on food bills
  • Liberal Democrat Leader Ed Davey has called for a Mortgage Protection Fund, to offer grants to struggling homeowners who risk financial ruin whilst interest rates soar

New polling commissioned by the Liberal Democrats has found over one in four mortgage holders (27%) are worried about losing their home due to unpaid bills as interest rates rise. Almost half of mortgage holders (47%) …

Posted in News and Press releases | Also tagged | 5 Comments

Lloyd: Government must delay “horror” changes to mortgage support

Support for Mortgage Interest is a benefit given to people claiming Universal Credit or certain other income-related benefits who have a mortgage or who have taken out loans to make repairs to their home. It pays for the cost of interest on up to £200,000 of a person’s mortgage in order to prevent claimants from defaulting on their mortgage.

From next month, SMI will be replaced by a loan of the same value, which is repaid (with interest) when the property is sold.

It’s pretty cheap, as benefits go, costing the Government around £300 million a year. It is certainly about 3.5 times cheaper than letting someone’s home be repossessed and then having to pay housing benefit to put that household in the rented sector.

Apart from the whole principle being flawed, the implementation seems to have been botched as only around 10,000 of the eligible families have taken up the loan. Some people haven’t even been sent the information about it so that they can make an informed choice about whether to take the loan.

Our Work and Pensions spokesperson Stephen Lloyd said the whole thing was a horror and called for implementation to be delayed.

Every month we seem to be hearing yet more examples of this Conservative government being both mean-spirited and unintelligent; this mortgage interest benefit change is a classic example. It will force some homeowners into even more debt, and will force others to sell their homes putting themselves at the mercy (and cost) of their local council’s housing department. Which, naturally, will cost the taxpayer more in housing benefit than keeping them in their own house by paying mortgage interest payments. An absolutely ridiculous decision.

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