To view this licence, visit nationalarchives. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. The Support for Mortgage Interest statistics have been developed to provide the primary official source of information about households in receipt of Support for Mortgage Interest SMI loans.
They enable a variety of users to be informed about the number of households who are currently in receipt of the support as well as the number who have received loans so far. Geographic information is also available as well as information on the benefit that has qualified the household for SMI.
The main statistics release is published quarterly on Stat-Xplore. SMI stopped being a benefit and became an interest bearing loan on 6 April Claimants are usually eligible for SMI if they have a mortgage and get one of the following benefits:. Read more information about claiming Support for Mortgage Interest. Because working-age claimants do not start receiving SMI until they have received their qualifying benefit for 9 months, claimants do not appear in these SMI statistics until at least 9 months after they have started their qualifying benefit.
SMI is a loan offer rather than an automatic entitlement. The SMI statistics only reflect the number of claimants who have accepted the loan offer.
The interest rate used to calculate the amount of SMI a claimant receives was 2. As of 12 April the interest rate decreased to 2. Different benefits refer to the people that claim those benefits in different ways. This refers to an amount of Support for Mortgage Interest loan a household receives.
Payments are made on a household level, not to individual claimants. Therefore, payment statistics are published at household level, not at an individual claimant level. Data is sourced from the Central Payment System which holds data on the Support for Mortgage Interest loan payments made to each household. To protect the confidentiality of claimants, National Insurance numbers and other claim identifiers required for statistical processing are encrypted to prevent identification.
Payments are reported by the date paid rather than the period the payment covers, so the statistics are not changed to retrospectively account for any backdated loans. The date paid reported in the Central Payment System may not be the date listed in other data sources. A household is classed as having an SMI loan in payment in the quarter if there is record of them receiving an SMI loan payment in the three months that make up the quarter.
For example, for a household to be classed as having an SMI loan in payment in August 20, it must have received a payment in June 20, July 20 or August Any instances with more than one SMI payment in a quarter will be counted once in the quarter. We have chosen to report a quarterly caseload, rather than a monthly caseload, because there are occurrences where households receive two SMI payments within one calendar month and none the next.
This might be, for example, because there is a lag between a payment being issued and paid. This means that, if we reported a monthly caseload, the caseload would appear to vary month by month. Reporting a quarterly caseload gives a higher figure than if we were to report a monthly caseload. This is because a household is counted if they receive a payment at any time during the quarter.
For households to qualify for SMI , a member of the household must be in receipt of one of the qualifying benefits:. To classify households by qualifying benefits, we match the SMI loan payment data to the data we hold for the claimants on these benefits.
For Universal Credit, we match to the data underlying the official statistics on Households on Universal Credit. If a friend or family member gets a loan for you, they might pay more interest on their loan too. You can find out more about comparing how much loans will cost before you decide what to do. The DWP will take the money for the loan after your mortgage has been paid. You might need to pay the SMI loan back earlier if you go bankrupt or make another formal agreement to pay other debts you have - like an individual voluntary arrangement IVA.
You should also check how it will affect your benefits. If you get a loan from somewhere else like a bank or a family member, it might affect your benefits if they give you all the money in one payment.
This could happen if your savings after you get the loan are more than:. You can usually use your savings to pay your mortgage interest. Skip to navigation Skip to content Skip to footer.
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Benefits Benefits to help with housing costs. Can I get SMI? Instead of getting an SMI loan, can my mortgage lender help me? How to claim SMI. Back to top. Find out more in our guide Universal Credit and paying rent. The payments will usually be made directly to your mortgage lender.
Facts about the SMI loan. There are no fees to set up the loan. SMI is usually cheaper than other credit options because interest charges are low. Interest will be added to the total amount you owe, until the loan is paid back or written off. The SMI payment is usually made directly to your mortgage lender.
SMI can be backdated to the date that you became eligible to claim it without any restrictions. The loan is secured against your home. When you sell your home or transfer the ownership of it to someone else, you must pay back the loan out of any equity left over when your mortgage is repaid. SMI for home improvement loans. For example, insulation, repairing dangerous faults or adapting your home if someone in your household is ill or disabled.
How long can you get SMI for? If you were getting SMI as a benefit. In order to transfer the SMI to the new property, the following conditions must be met: the owner occupier must inform the DWP that they are selling and request SMI to be transferred the conveyancer or solicitor must give a written undertaking.
Transferring an SMI loan. Change to Support for Mortgage Interest for claimants moving home. How is interest charged to your SMI loan? Example of SMI and interest. How much will an SMI loan cost? Outstanding loan at beginning of year. SMI loan payments made during the year. Outstanding loan owed at year end before interest. Interest charged on loan. Amount of interest added that year.
Balance owed at the end of the year Payments plus interest. Cumulative interest charged on your SMI loan owed. Year 1. Year 2. Year 3. Year 4. Year 5. Year Table scroll. Repaying an SMI loan. Money Navigator Tool.
Have you got money worries because of coronavirus? The loan will usually have to be repaid when you die, sell your home or transfer ownership. What happens if I sell my home?
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