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Budget 2009: Help for homeowners

Armed forces personnel also set to benefit

Chancellor of the Exchequer Alistair Darling today announced extended help for homeowners in his 2009 Budget.

The 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.

Personal budget calculator

To see what effect the Budget will have on your own finances, try out our Budget 2009 calculator.

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