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The government will make changes to Support for Mortgage Interest (SMI) rules to support borrowers with rising interest rates.
The scheme is available to homeowners on certain income-related benefits.
From spring 2023, the government will allow those on Universal Credit to apply for a loan to help with interest repayments after three months, instead of nine.
It’s important to note that SMI is a loan, which you’ll need to repay with interest when you sell or transfer ownership of your home.
In other words, don’t take it out if you don’t actually need it.
There’s also no guarantee that you’ll get SMI for a mortgage or loan you take out.
SMI will only help you pay the interest on your mortgage, not the amount you borrowed.
If you qualify for SMI, you’ll usually get help paying the interest on up to £200,000 of your loan or mortgage.
Interest rates hit record lows during the pandemic, but the Bank of England has since hiked them
Secondly, the government will also scrap the zero earnings rule to allow claimants to continue receiving support while in work and on UC.
Previously, UC claimants have been barred from getting help if they or their partner have any earned income.
Workers aged 23 and older: from £9.50 an hour to £10.18
Workers aged 21-22: from £9.18 an hour to £10.18
Workers aged 18-20: from £6.83 an hour to £7.49
Workers aged under 18 and apprentices: from £4.81 an hour to £5.28
Kate Smith, head of pensions at Aegon, said: “Not only will this provide a boost for lower earners struggling to meet the demands of the rising cost of living, but what people might not realise is the hidden pension benefit under auto-enrolment.”;
Over the course of the year, this means an extra £134 going into pensions for workers aged at least 23, according to Aegon.
This assumes the workers haven’t opted out of automatic enrollment, which helps you save for your golden years.
You are auto-enrolled into a workplace pension if you earn over £10,000 a year, and you’re over 22 and below state pension age.
Once you earn over £10,000 you start paying into a pension automatically.
You pay the minimum contribution of 5% of your earnings, though you can put in more.
You also get cash from your employer of 3%, though some employers put in more.
Currently, eligible employees working full-time on the national living wage will have a total pension contribution of £884 a year, but this will increase to £1,018 thanks to the pay rise.
While this may not seem like a lot, just a small increase can still be beneficial to future savings thanks to compound investment growth.
4. Alcohol duties to rise
Drinkers are facing the biggest tax hike since the English Civil War as spirits duties are set to rise.
Today’s Autumn Statement documents confirmed that tax on spirits like gin and whisky will go up by 12.6% RPI next Spring.
This will be the biggest rise since the duty was first brought in 1643.
The increase was first introduced by then-Chancellor Rishi Sunak last year, with today’s statement confirming that it will go ahead.
Retailers are urging Mr Hunt to freeze duties before next April.
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