Published: 5 December 2012
The Council of Mortgage Lenders today welcomed the Government's extension of the Support for Mortgage Interest (SMI) scheme.
Commenting on today's Autumn Statement, CML director general Paul Smee said:
"We welcome the extension of the current arrangements for the Support for Mortgage Interest scheme until March 2015. These had been due to expire in January 2013 but today's announcement provides a welcome extension of support for homeowners currently receiving income related benefits, as well as helping lenders to extend forbearance to those waiting to qualify."
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.