Mortgage support benefit cuts will affect protection advisers

Adam Saville
clock • 2 min read

Switching of SMI from benefit to loan and changes to JSA and ESA waiting times should be noted

Advisers should be aware of key changes to Support for Mortgage Interest (SMI), the Income Protection Task Force (IPTF) has warned. The welfare and benefits changes within the emergency budget relate to switching of a benefit to a loan against a property and increasing the waiting period for JSA and ESA claimants - which will have ramifications for the way benefit is provided. The SMI changes, which have been flagged by the Council of Mortgage Lenders as the most significant changes in the mortgages in the budget, may have been overlooked by advisers, key members of the industry belie...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

Paradigm Protect adds adviser access to Defaqto's CIC tool

Paradigm Protect adds adviser access to Defaqto's CIC tool

Managing product switching processes

Jaskeet Briah
clock 07 October 2025 • 2 min read
MAB invests in UK Moneyman

MAB invests in UK Moneyman

New appointed representative

Cameron Roberts
clock 01 October 2025 • 1 min read
Fintel to launch whole of market premium protection club

Fintel to launch whole of market premium protection club

Also launches Omnicore

Cameron Roberts
clock 29 September 2025 • 2 min read