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mortgage support SMI savings allowances

tomerke
tomerke Posts: 22 Forumite
in Benefits & tax credits
Have posted this before but would like a new thread..

if qualify for SMI support..
my question is if you have say 14k of savings, and a 200k mortgage paying 3% interest..I will get 3.63% of interest paid by smi right? The extra 0.63% will go towards future interest payments (thats what the dwp site says).
And even if I had 3k of savings instead of 14k..AS FAR AS SMI GOES i get the same amount 3.63% of 200k right?


thanks

Comments

  • MrsManda
    MrsManda Posts: 4,457 Forumite
    Are you getting a qualifying benefit?
    You may get help with mortgage interest payments as part of your benefits, if you are a homeowner and are getting:
    • Income Support
    • income-based Jobseeker’s Allowance
    • income-related Employment and Support Allowance
    • Pension Credit

    If you are then you'll get 3.63% but it all is creditted to your mortgage account.
    SMI – excess payments

    Some homeowners may have actual interest rates that are lower than the standard rate used to calculate SMI payments. This means they receive more SMI than required to meet the payments due to their lender. These payments can only be credited to their mortgage account.
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    MrsManda wrote: »
    Are you getting a qualifying benefit?


    If you are then you'll get 3.63% but it all is creditted to your mortgage account.

    The OP has £40,000 in the bank, but seems to want to hide it! ;)
    Gone ... or have I?
  • tomerke
    tomerke Posts: 22 Forumite
    dmg24 wrote: »
    The OP has £40,000 in the bank, but seems to want to hide it! ;)

    what does OP mean?
  • welshmoneylover
    welshmoneylover Posts: 3,324 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    tomerke wrote: »
    what does OP mean?


    The original poster,ie, thread starter.
    Be happy, it's the greatest wealth :)
This discussion has been closed.
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