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Support for mortgage interest

7 February 2024

The interest rate for the repayment of a Support for Mortgage (SMI) loan has increased to 4.5 percent on 1 January 2024. The rate is linked to the Office for Budget Responsibility’s forecast of gilt rate and is subject to change in January and July each year. The interest accrues monthly and is calculated as compound interest. This means interest is charged on the unpaid loan and on the interest. An SMI loan continues to accrue interest until it is paid off.