Homeowners Mortgage Support (HMS)

Homeowners Mortgage Support (HMS) was launched in April 2009 to help homeowners if they have a reduction in income. In order to benefit from the scheme, borrowers have to meet certain eligibility criteria and have a mortgage with a lender who is signed up to the scheme.

HMS allows borrowers to postpone up to 70% of their monthly mortgage interest payments for up to two years. This is not a ‘payment holiday’ as the deferred payments will be rolled up and added to the principal value of the loan. They will then have to be paid back after the homeowner leaves the scheme, which can be up to 2 years later, according to a schedule agreed between the homeowner and the lender.

Support for Mortgage Interest (SMI)

This benefit was introduced on 5^th January 2009 due to the economic downturn.  If you are a homeowner and you are in receipt of certain means tested benefits you may be able to get help towards your mortgage interest payments called Support for Mortgage Interest (SMI).

You will only receive help towards mortgage interest payments for a mortgage or loan to buy or improve your home and it is paid directly to your lender. It will not cover any repayments towards the capital, arrears or towards any insurance policies. 

There is usually a 13 weeks waiting period before you get SMI (except if you are in receipt of Pension credit then this doesn’t apply) and you’ll be able to claim for mortgage interest on up to £200,000 of your mortgage.  The Standard Interest Rate used to calculate SMI, remains frozen at 6.08% for all SMI customers until December 2010.  Visit www.NIdirect.co.uk for further details.

To check eligibility and to make a claim please contact your local Jobs and Benefits / Social Security office or The Pension Service.

Mortgage Interest Run On (MIRO)

This is four weeks additional money which you can get towards paying your housing costs if certain other benefits are stopping because you're returning to work, or that you are earning or working more hours.

You may be eligible to claim if you or your partner have stopped getting income-based Jobseeker's Allowance, Income Support  or income-related Employment & Support Allowance because one of you is either retuning to work full time, working more hours or earning more money and all the following apply:

• you have been claiming the benefit continuously for at least 26 weeks and
• you expect the work to last for five weeks or more, and
• you've been entitled to help with your housing costs before your work started and you will still have to make these payments when you start work

To avail of this benefit just contact your local Social Security/Jobs and Benefits office.