The Government has created a number of schemes to help people who are struggling with their mortgage payments.
There are currently 2 schemes available:
Support for Mortgage Interest (SMI) Payments
SMI can help with the cost of mortgage payments. To be eligible for SMI you need to be receiving one of the following benefits:
- Income support
- Income based job seekers allowance
- Income related employment and support allowance
- Pension credit
SMI is normally paid directly to your lender. The payments will start 13 weeks after you've claimed the benefit (if you're claiming Pension Credit they will start straight away).
You can find out more on how the SMI scheme works from Gov.uk.
Mortgage Rescue Scheme
This scheme is only available in England, it was set up by the government but is run by your local housing authority and gives you financial help so that you can stay in your home. There are certain criteria that you need to meet before you can apply for the scheme. These include:
- You must have a ‘priority need’, such as having young children or being vulnerable because of old age or disability
- Have a household income of less than £60,000
- Not owning a second home
You can find out more about the set criteria from Gov.uk.
To apply for the scheme you’ll need to apply to your local council.
Free help and advice
To find out if you qualify for any of these schemes and for help with applying please call our Helpline on 0800 138 1111. One of our expert advisors will be able to give you specialist advice and answer any questions you may have.
