Support for Mortgage Interest
Support for Mortgage Interest (SMI) is a welfare benefit in the United Kingdom that entitles a person to help with their mortgage costs. To get SMI a person must be in receipt of one of the following benefits:
- Income Support[1]
- income-based Jobseeker's Allowance[1]
- income-related Employment and Support Allowance[1]
- Pension Credit[1]
Those in receipt of Universal Credit may also be entitled to SMI.[2] The waiting time for help increased on 1 April 2016 from 13 weeks to 39 weeks. The cost of the benefit was £205 million in 2017. With SMI ending in April 2018, saving the government about £170 million a year, the Department of Work and Pensions is offering a loan, secured on the recipient's property, a move criticised because it would put properties of people on low incomes at risk; the cessation affects about 124,000 people.[3]
See also
References
- 1 2 3 4 "Support for Mortgage Interest (SMI)". GOV.UK. 2016-03-09. Retrieved 2016-04-05.
- ↑ "Support for mortgage interest under Universal Credit". Entitledto. Retrieved 2016-04-06.
- ↑ Rupert Jones (9 December 2017). "Low-income households at risk as mortgage support benefit is axed". The Guardian. Retrieved 24 February 2018.
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