Property News · December 9, 2017

Low-income households at risk as mortgage support benefit is axed


Crucial welfare payment will be turned into a loan from 2018, affecting 124,000 individuals who rely on itThousands of hard-up older people are being given a stark choice: sign up to a “second mortgage” with the government, or lose some of the financial help you receive.In a little-noticed move, the government is axing a benefit that has been around since 1948 and has thrown a lifeline to many people on low incomes. “Support for mortgage interest” (SMI) helps financially constrained homeowners with their mortgage payments – some of them might otherwise be at risk of being repossessed. But from April 2018, SMI will no longer be paid as a free benefit. Instead, the government is offering to loan people the money, which will have to be repaid later with interest. Continue reading…

Source : theguardian.com
Read more…Low-income households at risk as mortgage support benefit is axed

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