Support for Mortgage Interest (SMI)

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.

The standard interest rate used to calculate SMI is 3.12%. From 18 June 2017 the rate will be 2.61%.

How SMI is paid

SMI is normally paid direct to your lender following a waiting period. For most benefits, this is 39 weeks after you claim benefit. It’s usually paid on the same day as your benefit.

Universal Credit

If you’re claiming Universal Credit, you need to have claimed benefit and paid your mortgage for 9 months before you can get SMI. You’ll get your SMI payment in the 10th month.

Pension Credit

If you’re on Pension Credit, there is no waiting period.

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: