23 December 2009 11:24:40
|The CIH believes extending the SMI is wise.|
The extension of the Support for Mortgage Interest (SMI) scheme has been welcomed by the Chartered Institute of Housing (CIH).
Chancellor Alistair Darling originally launched the initiative last year with the intention of helping financially-troubled homeowners stave off the threat of repossession.
According to the government, 220,000 Britons have already benefited, prompting Mr Darling to announce in his recent Pre-Budget Report that the programme will be extended by six months.
The CIH, which is the professional body for people who work in housing, has expressed its delight at the development, suggesting that the SMI is playing a valuable role in the industry.
"CIH welcomes the government's decision as it will help homeowners who have experienced a fall in income to remain in their homes," a spokeswoman commented.
"An effective safety net for homeowners is vital and Support for Mortgage Interest is one element, which needs to sit alongside adequate provision of advice."
SMI is only available to homeowners on income support, income-based Jobseeker's Allowance, income-related Employment and Support Allowance or Pension Credit.