Summary
- Thousands of UK households could receive around £7,320 a year to assist with housing costs through the Support for Mortgage Interest (SMI) scheme.
- SMI helps pay the interest on up to £200,000 of a mortgage or loans taken out for home improvements.
- Eligibility for SMI requires receiving qualifying benefits like Income Support or Universal Credit.
- Applicants can start receiving the loan once they meet specific criteria and must repay it eventually with interest.