Support for Mortgage Interest
If you’re a homeowner getting certain income related benefits you might be able to get help towards certain housing costs. Further information can be found here.
Are You Worried About Your Mortgage?
The National Homelessness Advice Service (NHAS) give lots of useful information in their booklet, and contact details of other organisations that can help. Their booklet can be found here.
Money Advice Service
The Money Advice Service (MAS) have launched an interest rate rise awareness campaign to prepare people for an eventual rate rise. The campaign consists of media, links and resources which you may find useful. Their press release explains the campaign in more detail. Below are some useful links to mortgage calculators which can help you to establish how you may be affected if interest rates rise.
- Mortgage Affordability Calculator used to assess the impact of future base rate rises on consumer’s budgets
- Dedicated interest rates rises area on the Money Advice Service website
Support for mortgage interest – from benefit to loan
Currently, an owner-occupier who is in receipt of an eligible benefit can claim help towards the interest on a mortgage secured against the home in which they normally reside. This is commonly referred to as Support for Mortgage Interest (SMI).
From April 2018, SMI will cease to be paid as a benefit. Instead, owner-occupiers who are entitled to the same benefits will be offered a loan for mortgage interest instead.
For more information on this, please click and download the guidance.