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Support for Mortgage Interest Loan - How much Support for Mortgage Interest Loan will I get?

Find out more about the Support for Mortgage Interest Loan.

How much Support for Mortgage Interest Loan will I get?

It can be complicated to work out how much Support for Mortgage Interest Loan you might get. You can use the Turn2us Benefits Calculator which will calculate how much you may be entitled to.

Housing costs for loans, whether that is a mortgage, home purchase loan, or qualifying home improvement loan, are calculated using a standard rate of interest, not your lender’s actual interest rate for your loan. This means that if your interest rate is higher, there may be a shortfall between the help provided and your contractual payment.

The current standard interest rate used to calculate SMI is 2.61%.

There are also restrictions on the help provided if your mortgage or loan was taken out or increased after you became entitled to one of the means-tested benefits which qualify you for Support for Mortgage Interest Loan, or if your housing costs are deemed excessive.

In most cases there is also an upper limit on the total loan amount that can be included in your claim. The upper loan limit is usually £200,000 if you claimed Income Support, Income-based Jobseeker's Allowance ,Income-related Employment and Support Allowance or Universal Credit. For Guarantee Pension Credit the upper limit is normally £100,000.  However, if you were getting Income Support, Income-based Jobseeker's Allowance, or Income-based Employment and Support Allowance with an upper limit of £200,000, and you went on to claim Pension Credit, the higher £200,000 upper limit continues to apply.

How will I be paid Support for Mortgage Interest Loan?

The payment is usually made direct to the lender. You can not get help towards the amount you borrowed - only the interest.

There are no time limits on how long you can receive the Support for Mortgage Interest Loan, providing you still meet the qualifying conditions.

Support for Mortgage Interest Loan run-on

If you or your partner enter full time employment, you might qualify for a Support for Mortgage Interest Loan run-on for four weeks, even though your entitlement to Income Support, income based Jobseeker's Allowance or income related Employment and Support Allowance  will stop.

You don't have to make a claim, it will be paid automatically once you let Jobcentre Plus know you are starting full time work.


Updated April 2018

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