372 people will declare bankruptcy today, and tomorrow and the day after in the United Kingdom. In many of those cases the principal cause is a bad mortgage, which also leads to the borrower losing his or her home. What can you do to avoid becoming a statistic. This two-part article will analyze the main steps you should include in your personal mortgage rescue scheme. Obviously every case is different, so you will need to adapt it to your personal circumstances.

Since the Support Mortgage Interest, SMI, program commenced there have been significant changes in its rules. This can be confusing for homeowners, especially those who have started receiving SMI financial aid recently. This article will summarize some of these changes and explain how your SMI is calculated. For those interested in knowing what the SMI is and who can apply, read the previous article in this series: Support for Mortgage Interest.

Changes to SMI

If you are struggling to pay your mortgage and you already receive benefits from the government, you could qualify for support towards your mortgage interest payments. However, there is a lot of confusion about what this actually means for homeowners. This series of two articles will analyze what the SMI, Support for Mortgage Interest, program can do for you, what it can’t do for you (sadly that includes most things), who can apply for SMI and how your SMI is calculated. This includes important changes that could affect the SMI benefits you now receive.

What is the SMI Program?