PARLIAMENTARY WRITTEN QUESTION
Support for Mortgage Interest (13 June 2022)
Question Asked
To ask the Secretary of State for Work and Pensions, whether Support for Mortgage Interest payments are in line with the increase in interest rates made by mortgage providers.
Asked by:
Navendu Mishra (Labour)
Asked by:
Navendu Mishra (Labour)
Answer
Support for Mortgage Interest is calculated using a standard interest rate which is set at a level equal to the Bank of England's published monthly average mortgage interest rate. The rate is currently 2.09%, changes to that rate will occur when the Bank of England’s average mortgage rate changes by at least 0.5%. In this way, help provided increases when mortgage interest rates rise.
Answered by:
David Rutley (Conservative)
22 June 2022
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