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Elly Rewcastle

More homeowners on universal credit offered access to DWP mortgage help

DWP Universal Credit

More homeowners on Universal Credit will be able to claim help with their mortgage interest thanks to an expansion to the DWP’s Support for Mortgage Interest scheme. Claimants will be offered help towards mortgage interest, home improvements or repairs.

The DWP has announced that it will be extending the scheme to a further 200,000 people on Universal Credit in an attempt to help more households deal with the rising cost of living. Those who meet the eligibility criteria could get help paying the interest on up to £200,000 of their loan or mortgage.

The Support for Mortgage Interest (SMI) scheme is paid to eligible households as a loan that will need to be repaid when the house is sold or ownership is transferred. The current interest rate is 3.03%.

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