161000 people claiming the support will lose out on means-tested benefit from July 2015The amount of money struggling homeowners can claim to befriend them meet monthly mortgage repayments is to fall in July,after the government cut the interest rate used to gain the calculations.
Currently homeowners entitled to support for mortgage interest (SMI) can get befriend with monthly payments on a mortgage worth up to £200000 based on an interest rate of 3.63%. But following a sharp fall in tall-street mortgage rates, the rate will be reduced to 3.12%.
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Source: theguardian.com