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Support for mortgage interest

EDM (Early Day Motion) 488: tabled on 21 October 2022

Tabled in the 2022-23 session.

This motion has been signed by 27 Members. It has not yet had any amendments submitted.

Motion text

That this House notes that the mechanisms of Support for Mortgage Interest were designed at a point in time when both inflation and interest rates were more stable; recognises that many of those in receipt of Support for Mortgage Interest receive significantly less than their required payments and must make up the balance from subsistence benefits; appreciates the challenges inherent in designing a system that is fair to all taxpayers whilst preventing homelessness and poverty; believes that in the current cost of living crisis that the present system is failing to meet these goals; takes particular note in this context of the mechanism for setting the maximum rate payable using the Bank of England average mortgage rate which causes delays in recognising rate increases; further recognises the significant disparity between the generosity of the local housing allowance system to landlords with buy-to-let mortgages and Support for Mortgage Interest which is repayable; and calls on the Government to undertake a review of this system as a matter of urgency.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

In addition to the sponsors, the following Members have signed to support the motion.

There are no withdrawn signatures for this motion.