ISMI rates?

mummytofour

Hi,
Does anybody know if the rate that ISMI is paid at will be reduced due to the decrease in interest rates?

I did find this on the Job centre plus site but wanted to clarify if this rate still applies as the document was written in January or is the rate now BofE base of 4.5% plus 1.58

The rate is based on the Bank of England Base Rate plus an additional percentage, currently 1.58%. The standard rate is used to assess all payments of mortgage interest and will stand at 7.08% from 13 January 2008.

Many thanks

[Deleted User]

mummytofour wrote: »

Hi,
Does anybody know if the rate that ISMI is paid at will be reduced due to the decrease in interest rates?

I did find this on the Job centre plus site but wanted to clarify if this rate still applies as the document was written in January or is the rate now BofE base of 4.5% plus 1.58

The rate is based on the Bank of England Base Rate plus an additional percentage, currently 1.58%. The standard rate is used to assess all payments of mortgage interest and will stand at 7.08% from 13 January 2008.

Many thanks

I`m not aware that the 1.58% has changed,so the new rate should be 6.08%,however it usually takes a couple of months to filter through,and i suspect there maybe another cut in base rates before the end of this year

mummytofour

woodbine wrote: »

I`m not aware that the 1.58% has changed,so the new rate should be 6.08%,however it usually takes a couple of months to filter through,and i suspect there maybe another cut in base rates before the end of this year

I hope there is not another rate cut, I cant be the only person in the world on a fixed rate deal and in receipt of ISMI. I am worse off due to the recent rate cut.