How is mortgage interest worked out when I claim for housing costs?
Since 1 October 2010 the standard interest rate used to calculate Support for Mortgage Interest payments will be set at a level equal to the Bank of England’s published monthly Average Mortgage Rate. You can find this rate on the Bank of England website. Look in the first tab of Table G.1.4 under the heading “CFM”, column “HSDE”. Once a rate has been assigned it will only change when the Bank of England publishes an average rate that differs from the standard rate by 0.5% or more. The law for the standard interest rate is SI 2010/1811.
