Support for Mortgage Interest explained as people could get £610 a month

Support for Mortgage Interest explained as people could get £610 a month

Support for Mortgage Interest (SMI) is a little-known scheme aimed at those on a low income who are struggling to cover their monthly mortgage repayments. The exact amount you can get will depend on how much of your mortgage you still have to pay and the the current SMI interest rate is.

It can cover interest on up to £200,000 of your mortgage. However, if you’re on Pension Credit or started claiming another qualifying benefit before January 2009 and you were below state pension age at the time you can only get up to £100,000.

The current SMI interest rate is 3.66%. So if you are eligible for the £200,000 figure you would in turn get £610 a month or £7,320 a year to help cover the interest of your mortgage, accordi