Standard interest rate increases.

From 17 June, the standard mortgage interest rate for people claiming income support, income-based jobseeker’s allowance or pension credit rises from 6.83% to 7.08%.

Although the standard rate is comparable to the best rates available on the open market, many people who are reliant on help with mortgage interest have borrowed at significantly worse rates.

The current Bank of England base rate has increased from 5% to 5.75% since January this year, with the most recent 0.25% increase made in July.

Details of Income Support and Income-Based Jobseeker's Allowance is available via www.jobcentreplus.gov.uk/

Disclaimer

All information provided on our news pages were intended to inform the reader of recent events and they should not be treated as legal advice or opinion. In particular the developments detailed in these stories will frequently be overtaken by future events.

If you need any advice from The Village Citizens Advice Bureau please use the advice services.