Universal Credit Applicants Could Get Help With Mortgage Payments Through DWP | Personal finance | Finance
Mortgage Interest Support (SMI) can provide funds to pay off up to £200,000 in interest on a loan or mortgage, to help someone get a deal they otherwise could not afford. The money is paid out as a loan and will eventually have to be repaid.
The scheme is open to people on income support, income-based Jobseeker’s Allowance (JSA), income-related Employment and Support Allowance (ESA), a universal credit and a pension credit.
People on pension credit can only get up to £100,000 or if someone started claiming a qualifying benefit before January 2009 and was under the statutory retirement age at the time of retirement. ‘era.
The money cannot be used to repay the amount borrowed by a person and can only be used to repay the interest.
The funds also cannot be used to pay for insurance policies or missed mortgage payments, called arrears.
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Those who receive universal credit cannot obtain the SMI if they obtain one of the following incomes:
- Earnings from a person’s employment whether employed or self-employed
- A tax refund
- statutory sickness benefit
- Statutory maternity benefit
- Legal paternity benefit
- Legal adoption allowance
- Statutory shared parental remuneration.
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