#Debtline If you’re a homeowner getting certain income related benefits you might be able to get help towards interest payments on your mortgage or loans you’ve taken out for certain repairs and improvements to your home.
The idea is that those who have fallen on temporary hard times through unemployment can avoid losing their home, with assistance to make sure their mortgage interest is covered.
SMI is normally paid direct to your lender after a waiting period, which is 13 weeks after you’ve claimed benefit.
It is paid at a standard rate of 3.63 per cent, whatever the rate on a borrower’s mortgage.
You can’t get help towards the amount you borrowed – only the interest on up to £200,000 borrowed.
Are your struggling to pay debts, need help budgeting and working out your benefit entitlements then contact Twinpier