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- SMI is a government support scheme which helps struggling homeowners cover the cost of some of the interest on their mortgage, or interest costs if you've taken out a loan to make certain home improvements, such as repairs to keep a property habitable or to adapt it for people with disabilities.
People also ask
Can I get SMI If I take out a mortgage?
What is a SMI loan & how does it work?
How does support for Mortgage Interest (SMI) work?
Do you have to pay interest on a SMI loan?
Can I get a SMI loan if I own a home?
What is the interest rate on a SMI loan?
SMI cannot help you pay: Support for Mortgage Interest (SMI) helps homeowners on certain benefits pay interest on loans or mortgages - what you'll get, eligibility and how to claim.
- Eligibility
To be eligible for a Support for Mortgage Interest (SMI)...
- What You'll Get
You have £250,000 of your mortgage left to pay and you’re...
- How to Apply
Support for Mortgage Interest (SMI) helps homeowners on...
- Repaying Your Loan
You’ll need to repay your SMI loan with interest if you sell...
- Print Entire Guide
We would like to show you a description here but the site...
- Easy Read: Support for Mortgage Interest (Smi)
If you do not need an easy read format, read the Support for...
- Mortgage Rescue Scheme
Government activity Departments. Departments, agencies and...
- Eligibility
Support for mortgage interest (SMI) is a loan from the Department of Work and Pensions (DWP) to help pay towards the interest on your mortgage or another home loan. You might get SMI if you own your home or you’re in a shared ownership scheme.
- Selling your home
- Voluntary repayments
- How to repay
You will not be asked to sell your home in order to repay your SMI loan.
If you sell your home, you’ll repay the SMI loan from what’s left after you pay:
•your mortgage
•any other loans secured against your home before you started getting SMI, including home improvement loans
If you do not have enough left to pay off all of the SMI loan, you will have to pay back what you can. The rest of the loan will be written off.
Example 1
If you want to pay the loan back more quickly, you can also make voluntary repayments. The minimum voluntary repayment is £100 or the outstanding balance if it’s less than £100.
Contact DWP Loan Repayment to ask for a ‘settlement letter’ - this will tell you how much you need to pay.
You can pay by telephone or online banking using the bank account details in your settlement letter.
DWP Loan Repayment
Telephone: 0800 916 0567
Relay UK (if you cannot hear or speak on the phone): 18001 then 0800 916 0567
Monday to Friday, 8am to 6pm
SMI loans will help pay the interest on up to £200,000 of your mortgage or loan, or £100,000 if you get Pension Credit. These limits are only lifted if the loan was used to pay for changes to your home due to a disability or illness.
Jun 14, 2023 · Support for Mortgage Interest (SMI) can help you make your mortgage payments if you are in receipt of certain benefits but there are caveats to who qualifies for SMI and how much it will pay. In this article, we explain how SMI works and how to qualify.
If you own your home and are having trouble paying the interest on your mortgage, you might be eligible for a Support for Mortgage Interest (SMI) loan. What is Support for Mortgage Interest? When do SMI loans need to be paid back?
The SMI payments made to your lender and the interest charged are secured on your home. When your home is sold, you must pay off your mortgage and other secured loans first. If there is not enough money left over, you must pay what you can and the DWP will write off the rest.
