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19 December 2008 – Mortgage support changes to benefit more people

Working age people eligible for help with their mortgage interest payments, who applied under the current rules and are still serving a waiting period, will now benefit from the new rules. If they have waited 13 weeks for Support Mortgage Interest by 5th January they will be eligible for help straight away.

The Government announced a package of help for homeowners on the 2nd September and in the Pre-Budget Report which will come into effect from 5th January 2009. This included shortening the waiting time for Support Mortgage Interest from 39 weeks to 13 weeks and increasing the capital limit to £200,000. Today the Government is announcing that this new rule will also apply to people who are waiting now.

Secretary of State for Work and Pensions James Purnell said:

“We are determined to do all we can to support people during these difficult economic times. That is why we announced a package of support for homeowners. We have extended Support Mortgage Interest so that it can help even more people, more quickly.

We have made sure that as many people as possible will benefit from the increased support with their mortgage interest payments, by bringing in the new rules as soon as we can. We don’t want people who are worried about paying their mortgage to have to wait any longer than they need to for this financial help.”

Today’s announcement means that:

Notes to Editors

 

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