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Lifetime Mortgage and Support for Mortgage Interest (SMI)

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SteveMcQueen
SteveMcQueen Posts: 2 Newbie
in Mortgages & endowments
Hi, does anybody know whether you can claim Support for Mortgage Interest (SMI) if you have a Lifetime Mortgage?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Presumably you had sufficient guaranteed retirement income to meet the interest payments?
  • ACG
    ACG Posts: 24,549 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Do you mean a lifetime Mortgage which is a form of equity release and you do not pay any interest on a monthly basis but more it rolls up and gets paid when the property is sold?

    Are you also aware that SMI has changed recently to a loan rather than a benefit?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • SteveMcQueen
    SteveMcQueen Posts: 2 Newbie
    Some Lifetime Mortgages/Equity Release Schemes allow you to pay the interest if you wish. If you qualify for the pension guarantee, you would therefore,in theory, qualify for SMI, however, if you have a Lifetime Mortgage/Equity Release, where the interest either rolls up, or you decide to pay it, could you actually claim SMI?
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