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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.
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.
You’ll need to repay your SMI loan with interest if you sell or transfer ownership of your home. The interest you pay can go up or down, but the rate will not change more than twice a year.
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.
