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Loans replace benefit for mortgage interest

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SMI loans will accumulate interest on a daily basis added at the end of each month from when the first loan payment is made until the loan is repaid.

The new SMI loans involve a charge on the property and will attract interest which will continue to accumulate until the loan is paid or written off. SMI loans will not replace housing costs paid for service charges, ground rent, co-ownership schemes, or certain forms of rent which will continue to be met under the current rules.

The regulations introducing the provisions for the loans and amending the existing SMI scheme are The Loans for Mortgage Interest Regulations 2017, SI No.725. The loans are provided by the DWP but advice about the loans is contracted out to SERCO.