Homeowner? Struggling? These are the changes to Support for Mortgage Interest – the benefit shake-up you’ve probably heard nothing about.
It’s summer, politicians are on holiday and surfing dogs are in the news.
So you’d be forgiven for missing this summer’s change to a benefit claimed by more than 100,000 people.
It’s called Support for Mortgage Interest. Every year it dishes out £170million to struggling homeowners who fall on hard times.
But not for long.
The free benefit is being axed and turned into a loan instead by the Tory government. That loan will be secured on your house and billow with interest, a bit like the mortgage itself.
Personal finance groups tell us it’s “weakened the safety net” and “adds to the pressure” on families in desperate need.
We’ve supposedly known about it for years – but it’s only coming into effect now. So what’s happening, and should you be worried?