Support for Mortgage Interest (SMI) explained

Support for Mortgage Interest (SMI) explained. 13 simple MORTGAGE steps! Home Loan!s How to qualify Buy a home

Support for Mortgage Interest (SMI) explained video duration 4 Minute(s) 29 Second(s), published by Department for Work and Pensions (DWP) on 17 06 2019 - 08:34:57.

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Support for Mortgage Interest explained.
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, who can get it, and when you can apply for it.
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.
SMI is different to a normal loan.
Instead of getting a lump sum, DWP will make regular payments towards the interest on your mortgage or home improvement loan
The SMI loan is secured against your home.
SMI is paid direct to your mortgage or loan provider.
The amount of SMI you can apply for depends on which benefits you get and how long you have been claiming for.
If you get Pension Credit you can apply for SMI straight away.
For Universal Credit Claimants, you will need to have been receiving this benefit for at least 9 months, and have had no earnings during this time, before SMI can start.
It is the same if you get Income Support,
• Income-based Jobseeker’s Allowance
• Or Income-related Employment and Support Allowance
Your SMI payments can start after 39 weeks.
There is no need to worry if you move between benefits.
The time you have been waiting will still count if your circumstances are the same and you move to a different benefit within 28 days of your previous benefit ending.
As SMI is a loan, you will need to pay it back, with interest.
The amount of interest you pay on your SMI will vary, as interest rates go up and down over time.
You can check the current interest rate on GOV.UK
You will repay your SMI, including any interest, when you sell your home or the ownership is transferred for any reason.
If there is not enough money from the sale of your home after paying off your mortgage, the SMI loan will be written off in part or in full, and will not have to be repaid.
If you want to pay your SMI back sooner, you can also make voluntary repayments.
SMI is just one way to help pay the interest on your mortgage or loan.
You can speak to friends, family, your mortgage provider or lender to discuss other options.
It is up to you to decide the best option for you and your household.
You can also get free information about housing support from Citizens Advice
• The Money Advice Service
• and Shelter.
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

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