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EMERGENCY BUDGET: SMI payments brought in line with BoE rate

George Osborne revealed in today’s emergency budget that Support for Mortgage Interest payments will now be set at the level equal to the Bank of England’s published average mortgage rate.

From 2010 the standard rate used to calculate mortgage interest payments will change.

The rate at which support for mortgage interest is paid is currently set at 1.58% above the Bank of England rate.

It has been frozen at 6.08% since late 2008, although interest rates have fallen significantly.

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