2. What you'll get

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 39 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 3.12%.

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)

Time limits

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: