If you qualify for Support for Mortgage Interest (SMI), you’ll get help paying the interest on up to £200,000 of your loan or mortgage. If you’re getting Pension Credit, this figure is £100,000.
If you’re already getting SMI and move to Pension Credit within 12 weeks of stopping your other benefits, you’ll still get help with interest on up to £200,000.
How SMI is paid
SMI is normally paid direct to your lender after a waiting period, which is 13 weeks after you’ve claimed benefit.
If you’re getting Pension Credit, there’s no waiting period.
The standard interest rate used to calculate SMI is 3.63%. From 6 July 2015, the rate will be 3.12%.
What’s not included
SMI can’t help you pay:
- the amount you borrowed - only the interest on your mortgage
- anything towards insurance policies you have
- missed mortgage payments (arrears)
If you’re getting income-based Jobseeker’s Allowance and apply for the first time or started getting SMI after 5 January 2009, you can only get help for 2 years.
There’s no limit to how long you can get SMI if you’re getting: