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

FCA to review treatment of vulnerable customers

FCA to review treatment of vulnerable customers

Focus on delivering good outcomes

Cameron Roberts
clock 18 March 2024 • 1 min read
Business Protected and Your Life Protected join PDG

Business Protected and Your Life Protected join PDG

SPF’s Chelsea Warren joins PDG board

Jaskeet Briah
clock 18 March 2024 • 1 min read
'Be bold, think laterally and seek mentorship to climb the career ladder into leadership roles'

'Be bold, think laterally and seek mentorship to climb the career ladder into leadership roles'

Tips on how to climb the career ladder

Louise Colley
clock 08 March 2024 • 4 min read