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Original poster

Has anyone ever had an SMI loan? Can you explain it to me?

3 replies

matilda1077 · 04/12/2024 11:22

Could you please break it down for me, how much was given, how much you paid back. Any details are helpful :)

OP posts:
Bromptotoo · 04/12/2024 13:31

Is this SMI Support for Mortgage Interest in Universal Credit?

Original poster
matilda1077 · 04/12/2024 13:33

@Bromptotoo hi, yes it is

OP posts:
Bromptotoo · 04/12/2024 13:42

It's a secured loan to cover (only) the interest on a mortgage.

AIUI it assumes interest is charged at a Standard Rate currently 3.9%. There are conditions related to which benefits you're on and the amount of your loan.

It's repayable on sale, when you die or if you give the home away.

https://www.citizensadvice.org.uk/benefits/support-for-mortgage-interest-smi/

It will suit some people but not others. Professional advice strongly recommended.

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