Support for Mortgage Interest

Welfare Benefits

Support for Mortgage Interest

If you’re on certain benefits and are struggling to pay your mortgage, you may be entitled to help through the Government Mortgage Rescue Scheme which provides assistance to homeowners or you may qualify for Support for Mortgage Interest (SMI) which helps homeowners on certain benefits to pay interest on loans or mortgages.

The Government Mortgage Rescue Scheme offers homeowners the following:

  • No impact on credit score: Anyone worried about their mortgage repayments can call their lender for information and support without affecting their credit score.
  • No repossession within 12 months: Customers won’t be forced to have their homes repossessed within 12 months of their first missed payment.
  • Fixed rate deal extension: Customers approaching the end of a fixed rate deal will be offered the chance to lock in a deal up to six months in advance.
  • Interest-only mortgage option: Customers can switch to an interest-only mortgage for six months or extend their mortgage term to reduce monthly payments and switch back to the original term within the first six months.
  • Tailored support: Lenders will provide tailored support for anyone struggling, which could include options like temporary payment deferral or part interest-part repayment.

It is very easy to miss out on benefits which you need and are entitled to.