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

Stonebridge adds new AR

Stonebridge adds new AR

Vibrant Mortgages partnership

Cameron Roberts
clock 27 October 2025 • 1 min read
Advisers see rise in client anxiety ahead of Autumn Budget

Advisers see rise in client anxiety ahead of Autumn Budget

Royal London research findings

Jenna Brown
clock 22 October 2025 • 3 min read
Six ways to make income protection the no-brainer

Six ways to make income protection the no-brainer

"Your tone should reflect leadership, not persuasion"

Ash Borland
clock 22 October 2025 • 4 min read