Chancellor of the Exchequer Alistair Darling today announced extended help for homeowners in his 2009 Budget.
ISMI extended for a further 6 months
The scheme that lets you claim state benefits to help you pay interest on your mortgage (Income Support for Mortgage Interest or ISMI) is being extended so the support lasts for an extra 6 months.
ISMI currently pays mortgage interest (up to a property-value limit of £100,000) after a period of 39 weeks of unemployment. From January the limit is set to rise to £200,000, while the waiting period drops to 13 weeks.
Housing projects brought forward
The government is also pledging £500m to restart stalled housing projects, including £100m for local authorities to build energy efficient homes. £50m of spending will also be brought forward towards upgrading housing for the armed forces.
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