What is Support for Mortgage Interest and can I get it?

What is Support for Mortgage Interest and can I get it?. What Is An Energy Efficient Mortgage?

What is Support for Mortgage Interest and can I get it? video duration 4 Minute(s) 8 Second(s), published by dwpsign on 17 06 2019 - 10:42:10.

Support for Mortgage Interest, known as SMI, is a secured loan from the Department for Work and Pensions
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Support for Mortgage Interest, known as SMI, is a secured loan from the Department for Work and Pensions. In this video, you will learn some of the basic information about how SMI works and to get it.

Transcript:
Main title: What is SMI and how do I get it?

Interviewer: Can you tell me what is Support for Mortgage Interest (SMI)?
Interviewee: Support for Mortgage Interest is sometimes known as SMI and is a secured loan from the Department for Work and Pensions (DWP). A secured loan is where you borrow money against your home. It can help you pay the interest on your mortgage. It can also help you pay the interest on a home improvement loan.

Interviewer: How do I know if I could be entitled to SMI?
Interviewee: You may be entitled to Support for Mortgage Interest if you get:
• Income Support
• Income-based Jobseeker’s Allowance
• Income-related Employment and Support Allowance
• Universal Credit
• Pension Credit

Interviewer: Are there things I can pay for using my SMI loan?
Interviewee: Yes, SMI should not be used to pay off your Mortgage. You cannot use SMI to pay off any insurance policies that you have. You also cannot use SMI to pay mortgage interest payments you have missed, which are also known as arrears.

Interviewer: So how does SMI work?
Interviewee: Support for Mortgage Interest is different to a normal loan. You will not get a lump sum. The Department for Work and Pensions will make payments towards the interest on your mortgage or home improvement loan. This is normally paid direct to your mortgage lender or loan provider.

Interviewer: Can you tell me how much my SMI loan could be?
Interviewee: The amount of Support for Mortgage Interest you get depends on:
• Which benefits you get
• How long you have been getting these benefits
• How much you owe on your mortgage or home improvement loan.

Interviewer: When would I be entitled to make a claim for SMI?
Interviewee: Your entitlement to claim SMI depends on which benefit you are in receipt of, if you get Pension Credit, you can get Support for Mortgage Interest straight away. If you get:
• Universal Credit
• Income Support
• Income-based Jobseeker’s Allowance
• Income-related Employment and Support Allowance
your Support for Mortgage Interest payments will not start straight away and in some cases will depend on how many benefit payments you have had. If you change benefits but everything else stays the same, your waiting time will not change.

For more information on when payments start and what you could get, visit www.gov.uk, and search for support for mortgage interest and ‘what you’ll get’.

Next video in series: How do I apply for SMI? https://youtu.be/-wAQBIFRhYw