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1. www.citizensadvice.org.uk › benefits › support-forDeciding if you should apply for SMI - Citizens Advice

   www.citizensadvice.org.uk › benefits › support-for

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   How much SMI you can get. If you get JSA, ESA, Income Support or Universal Credit, the DWP will usually pay the interest on up to £200,000 of your mortgage. If you get Pension Credit, the DWP will usually pay the interest on up to £100,000 of your mortgage.

2. www.gov.uk › support-for-mortgage-interest › whatSupport for Mortgage Interest (SMI): What you'll get - GOV.UK

   www.gov.uk › support-for-mortgage-interest › what

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   • What you’ll pay back
   • How SMI is paid

   SMI is paid as a loan. You’ll need to repay the money you get with interest when you sell or transfer ownership of your home (unless you’re moving the loan to another property).

   If you want to pay the loan back more quickly, you can also make voluntary repayments.

   See full list on gov.uk

   If you get Pension Credit

   Payments can start from the date you start getting Pension Credit.

   If you get Universal Credit

   Payments can start if you’ve got Universal Credit for 3 months in a row. If you move to Universal Credit within a month of another benefit ending, payments can start when you’ve spent 3 months in total getting that previous benefit and Universal Credit.

   If you get Income Support, income-based JSA or income-based ESA

   Payments can start when you’ve claimed for 39 weeks in a row.

   See full list on gov.uk

3. www.gov.uk › government › publicationsSupport for Mortgage Interest statistics: background and ...

   www.gov.uk › government › publications

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   Sep 24, 2024 · Support for Mortgage Interest (SMI) helps protect claimants on qualifying benefits with mortgages from possession when out of work, retired or sick by contributing towards the interest...

   • The Support for Mortgage Interest statistics have been developed to provide the primary official source of information about households in receipt...
   • HouseholdsStatistics publications for different benefits refer to the people that claim those benefits in different ways. Universal Credit statisti...
   • Customer Information SystemThe CIS contains a record for all individuals who have registered and been issued with a National Insurance number.Centr...
   • There are a discrete number of large backdated SMI payments that can appear in the quarterly data. This can skew the mean SMI weekly payment amount...
   • The department’s policy statement describes how DWP will handle revisions.Revision of SMI loans in payment statisticsThe statistics are published i...
   • Information about the interpretation of the statistics: figures on SMI loans in payment provide a view on the number of households who are in recei...
   • These statistics are badged as Experimental Official Statistics. Experimental Statistics are official statistics which are published in order to in...
   • These statistics have been developed using guidelines set out by the UK Statistics Authority’s Code of Practice for Statistics.
   • Support for Mortgage Interest statistics are published quarterly. The dates for future releases are listed in the statistics release calendar.Stat-...

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5. www.moneyhelper.org.uk › en › benefitsSupport for Mortgage Interest (SMI) - MoneyHelper

   www.moneyhelper.org.uk › en › benefits

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   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.

6. commonslibrary.parliament.uk › research-briefingsSupport for Mortgage Interest loans - House of Commons Library

   commonslibrary.parliament.uk › research-briefings

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   Aug 2, 2023 · The interest charged on the amount of SMI loan payments is set for six-month periods at the average gilt rate published by the Office for Budget Responsibility. The current (1 July to 31 December 2023) rate is 3.28%.

   • Author: Wendy Wilson, Steven Kennedy, Richard Keen

   • Publish Year: 2018

7. www.moneysavingexpert.com › mortgages › mortgage-schemesHelp to buy, shared ownership & other schemes - MSE

   www.moneysavingexpert.com › mortgages › mortgage-schemes

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   What's the interest rate on the loan? The good news is it's interest-free for five years. From year six you start to pay interest, but only on the original loan amount.

8. People also ask

   What is the interest rate on SMI loan payments?

   • The interest charged on the amount of SMI loan payments is set for six-month periods at the average gilt rate published by the Office for Budget Responsibility. The current (1 July to 31 December 2023) rate is 3.28%.

   Support for Mortgage Interest loans - House of Commons Library

   commonslibrary.parliament.uk/research-briefings/sn06618/

   See all results for this question

   Does the DWP charge interest on a SMI loan?

   • The DWP will charge interest on the SMI loan - this means you’ll pay back more than you borrowed. Even though you’ll pay interest, it could be cheaper than other ways of borrowing money. You’ll need to pay back the loan, but usually only when you sell your home or give it to someone else.

   Deciding if you should apply for SMI - Citizens Advice

   www.citizensadvice.org.uk/benefits/support-for-mortgage-interest-smi/deciding-if-you-should-apply-for-smi/

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   Does the DWP pay interest on a mortgage?

   • If you get JSA, ESA, Income Support or Universal Credit, the DWP will usually pay the interest on up to £200,000 of your mortgage. If you get Pension Credit, the DWP will usually pay the interest on up to £100,000 of your mortgage.

   Deciding if you should apply for SMI - Citizens Advice

   www.citizensadvice.org.uk/benefits/support-for-mortgage-interest-smi/deciding-if-you-should-apply-for-smi/

   See all results for this question

   What are support for mortgage interest statistics?

   • The Support for Mortgage Interest statistics have been developed to provide the primary official source of information about households in receipt of Support for Mortgage Interest (SMI) loans. The statistics release is published quarterly on Stat-Xplore. It enables a variety of users to be informed about the:

   Support for Mortgage Interest statistics: background and methodology

   www.gov.uk/government/publications/support-for-mortgage-interest-statistics-background-and-methodology/support-for-mortgage-interest-statistics-background-and-methodology

   See all results for this question

   How is SMI interest calculated?

   • In most cases, the SMI payment is made directly to your lender. Interest is currently calculated at a rate of 3.16%. You'll be charged 'compound' interest on an SMI loan, which means each month's interest is added to your total borrowed amount when the next month's interest is calculated.

   Support for Mortgage Interest (SMI) | Age UK

   www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/support-for-mortgage-interest/

   See all results for this question

   When did SMI become an interest-bearing loan?

   • SMI stopped being a benefit and became an interest-bearing loan on 6 April 2018. Claimants are usually eligible for SMI if they have a mortgage and get one of the following benefits: Claimants can start receiving the loan: Read more information about claiming Support for Mortgage Interest. SMI is a loan offer rather than an automatic entitlement.

   Support for Mortgage Interest statistics: background and methodology

   www.gov.uk/government/publications/support-for-mortgage-interest-statistics-background-and-methodology/support-for-mortgage-interest-statistics-background-and-methodology

   See all results for this question

9. www.ageuk.org.uk › support-for-mortgage-interestSupport for Mortgage Interest (SMI) | Age UK

   www.ageuk.org.uk › support-for-mortgage-interest

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   Interest is currently calculated at a rate of 3.16%. You'll be charged 'compound' interest on an SMI loan, which means each month's interest is added to your total borrowed amount when the next month's interest is calculated.