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

Homeowners who are claiming certain benefits from the government may also be able to claim for help on the interest payments of their mortgage. The name for these benefits varies depending on your area or local council. Programs called “help with housing costs” or “Income Support Mortgage Interest” or similar names refer to the same programs. It is important to note that ISMI benefits will not help you pay the mortgage or loans you have, just the interest on them. The rate used to calculate the benefits for ISMI is based on the Bank of England’s average mortgage rate.

Do I Qualify For SMI?

Some people wonder whether they qualify for SMI or not. One of the best ways to know this question is to examine exactly what SMI is and how it is used. SMI is reserved for homeowners who receive income related benefits. This will help them get qualified for mortgage interest payments. SMI is short for Support for Mortgage Interest.