Applying for Support for Mortgage Interest (SMI)

Applying for Support for Mortgage Interest (SMI). Getting Pre-Approved for a Mortgage Loan (Video 4.1)

Applying for Support for Mortgage Interest (SMI) video duration 3 Minute(s) 37 Second(s), published by Department for Work and Pensions (DWP) on 17 06 2019 - 08:35:21.

British Sign Language SMI videos are available here: https://www.youtube.com/playlist?list=PLC0aQWFFHARzPg4FVv_qhjn-XuB0STO9A Applying for Support

A little behind the scenes fun with our loan officers as they make our informative videos!. "How to Buy the House You're Now Renting" Video Course Chapter 4: The Money Video 1: Getting Pre-Approved for a Mortgage Loan NEXT Video "How to Buy the House You're Now Renting" Video Course Chapter 4: The Money Video 1: Getting Pre-Approved for a Mortgage Loan NEXT Video .

British Sign Language SMI videos are available here: https://www.youtube.com/playlist?list=PLC0aQWFFHARzPg4FVv_qhjn-XuB0STO9A

Applying for Support for Mortgage Interest
Support for Mortgage Interest, known as SMI, is a secured loan from the Department for Work and Pensions.
In this video, you will learn about eligibility for SMI and how to apply.
SMI can help you pay the interest on your mortgage or a home improvement loan that you have taken out for certain repairs or changes to your home.
You can apply for SMI if you get Universal Credit;
• Income Support
• Income-based Jobseeker’s Allowance
• Income-related Employment and Support Allowance
• or Pension Credit.
When you apply for one of these benefits, you will be asked about your housing costs.
If these costs include a mortgage or a home improvement loan, we will contact you about making an SMI application.
If you are on Pension Credit we will be in touch straightaway.
For the other benefits, we will contact you after 8 months, send you some information and an application form.
If you would like to apply, you will send the form to your lender who will fill in some more information about your mortgage or loan.
Your lender will return the form to DWP and we will decide if you can get SMI.
If your application is unsuccessful, we will write to you and let you know.
If your application is successful you will be contacted, usually by phone, to discuss whether you would like to continue with the application.
During this call, we will:
• explain how SMI works
• and answer any questions you may have.
It is up to you to decide whether you want to accept the SMI loan.
If you do wish to accept it, you will be sent two forms to complete and return – a Charge Form (or a Standard Security Form in Scotland) and a Loan Agreement.
When we receive these forms, we will then start making payments to your lender, there is no need for you to do anything.
The loan will be secured against your property and this will be explained in a confirmation letter.
You will be sent a statement every year, letting you know the outstanding balance.
This will include:
• how much you have been paid
• any voluntary repayments
• and how much interest has been added.
You can ask to stop getting SMI payments at any time, you just need to let us know.
Support for Mortgage Interest - this video is a guide only.
You can find out more about SMI loans and check the current interest rate by going to gov.uk and searching for SMI.

-
We are unable to respond to enquiries on YouTube.
Please visit gov.uk to find the relevant information.
-