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Smi interest rate
Michelle_A
Posts: 3 Newbie
Hi I know there was a few posts back in summer in regards to the dwp smi current interest rate, It has been at 2.09 as a payable rate for many months, and I know many of us were worried about the fact that it had not increased although there was 8 or 9 bank of England mortgage Interest rate increases.
As far as we were all aware DWP used a standard mortgage rate and would increase our payments when the standard mortgage rate went up by 0.5% more than, they were currently paying ,apparently this happened in June and still yet to date they are still paying at 2.09!! which is incredibly low and I know that it is putting a lot of us in arrears or unable to pay our mortgages, Back in July the few posts that were on here had stated that no one had been able to find any information on wondering if anyone had managed to find out anything more? I am grateful for any information.
Thanks
As far as we were all aware DWP used a standard mortgage rate and would increase our payments when the standard mortgage rate went up by 0.5% more than, they were currently paying ,apparently this happened in June and still yet to date they are still paying at 2.09!! which is incredibly low and I know that it is putting a lot of us in arrears or unable to pay our mortgages, Back in July the few posts that were on here had stated that no one had been able to find any information on wondering if anyone had managed to find out anything more? I am grateful for any information.
Thanks
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https://forums.moneysavingexpert.com/discussion/6409799/smi-rate is a recent discussion.
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