INTRODUCTION TO SUPPORT FOR MORTGAGE INTEREST (SMI)

ASESA Solutions Ltd - INTRODUCTION TO SUPPORT FOR MORTGAGE INTEREST (SMI)

This update is shared for general awareness to keep you informed about key government support options available in the UK.

Support for Mortgage Interest (SMI) is a government loan designed to help homeowners who are receiving certain income-based benefits. The aim of SMI is to provide support by helping cover the interest on a mortgage or a home improvement loan during times when additional assistance may be needed.

SMI is not a grant — it works as a loan that is normally repaid when you sell your home or transfer ownership. This makes it an important option for people who need temporary support but want to avoid falling behind on their mortgage interest payments.

To qualify for SMI, you must be receiving specific benefits such as Universal Credit or Pension Credit. The support is usually paid directly to your mortgage lender, helping reduce your monthly costs while you are eligible. You can also choose to stop receiving SMI or make voluntary repayments at any time.