Support for Mortgage Interest (SMI): Who Qualifies and What You Get
Learn how this government loan helps homeowners on income-related benefits manage their mortgage interest payments.
Support for Mortgage Interest (SMI) is a government loan designed to help homeowners cover the interest costs on their mortgage.
Who it's for
This scheme is for homeowners who are currently receiving certain income-related benefits.
What you get
You can receive a loan to help pay the interest on your mortgage. This support applies to mortgage amounts up to £200,000.
What it costs you
This is not a free payment; it is a loan that must be repaid. You will pay the money back with interest when you eventually sell your home or transfer ownership to someone else.
The catch to know
The most important thing to remember is that this is a loan rather than a grant. Because it must be paid back later, it is essentially a debt that sits against the value of your home.
How to apply
- Check your eligibility based on the specific income-related benefits you receive.
- Contact the relevant government department to start your application.
- Provide the necessary information regarding your mortgage and income.