It does not pay arrears or the capital, only interest going forward, and there is no guarantee. Speak to your lender at the same time, because lenders have other ways to help.
Quick facts
- Pays
- Interest on your mortgage
- Up to
- £200,000 of the loan
- Lower limit
- £100,000 on Pension Credit, or older claims
- Form
- A loan, repaid on sale
- Not for
- Arrears or insurance
What it pays
You may be able to get help towards interest payments on the mortgage for the home you live in, and loans you’ve taken out for certain repairs and improvements to your home.
Support for Mortgage Interest (SMI) usually helps pay the interest on up to £200,000 of your loan or mortgage. However, you can only get up to £100,000 if you’re getting Pension Credit, or you started claiming another qualifying benefit before January 2009 and were below State Pension age at that time.
What it cannot pay
SMI cannot help you pay anything towards insurance policies you have, or missed mortgage payments (arrears).
It is a loan
It’s paid as a loan, which you’ll need to repay with interest when you sell or transfer ownership of your home. You may be able to transfer the loan if you’re buying a new home.
Talk to your lender too
Some lenders can offer other ways to help, such as temporary payment holidays, interest-only payments or extending your mortgage term to reduce monthly payments. If repossession is threatened, see help if your home is at risk.
Common questions
How much mortgage does SMI cover?
The interest on up to £200,000, or £100,000 if you get Pension Credit or started another qualifying benefit before January 2009.
Do I have to pay SMI back?
Yes. It is a loan, repaid with interest when you sell or transfer your home.
Does SMI cover arrears?
No. It cannot pay missed mortgage payments.
Who can get it?
Homeowners getting a qualifying benefit.