HELPING HAND
Rishi Sunak vows to help families with mortgages in upcoming scheme as millions sent hundreds of pounds in payments
RISHI Sunak this afternoon vowed his government will do "all we can" to help hard-up Brits struggling with mortgage payments.
Speaking at the first PMQs since the Autumn Statement, Mr Sunak said he's "really sorry" to hear stories of homeowners struggling.
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Last week Jeremy Hunt announced that from Spring next year, a government scheme that helps with mortgages will be expanded.
The Support for Mortgage Interest (SMI) scheme assists Brits on benefits by covering the interest due on their mortgage repayments.
To be eligible for the SMI scheme you have to have been claiming benefits for around nine months, but the Chancellor will cut that time back to three months from 2023.
At PMQs Lib Dem leader Ed Davey warned Brits are "out of options and heartbroken" because of soaring interest rates hiking mortgage payments.
Earlier this month the Bank of England announced the biggest interest rate rise in 33 years - an increase of 0.75 percentage points to 3 per cent.
On top of that, inflation has soared to a 41 year high of 11.1 per cent, causing the cost of essentials to skyrocket.
The PM said: "We will continue to do all we can to support those homeowners who are struggling with their payments.
"The Chancellor is also meeting with mortgage lenders in the coming weeks."
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Mr Sunak's promise comes as millions of Brits will today see more support money land in their accounts.
Over 11.6 million pensioners will start to receive up to £600 to help with their energy bills this winter.
The government is providing £300 per pensioner household, which comes on top of regular Winter Fuel Payments.
And a million people on tax credits can expect to see a second cost of living payment arrive in their accounts across the next week.
Work and Pensions Secretary Mel Stride said: “We want to do everything we can to support pensioners who are often the most exposed to higher costs.
“Our support doesn’t stop here. As we deal with the impact of Putin’s illegal war in Ukraine and the aftermath of the pandemic, we will continue to stand by the most vulnerable, with further cost of living payments coming next year.”
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