CassieNet News :: Mortgage Know-How

Mortgage Know-How :: RE: What is MIRAS

Author: Samantha
Posted: Wed Nov 16, 2005 10:16 am (GMT -8)
Topic Replies: 3

Hi interesting,

I think you got your answer from the ever helping Niicss. I would just like to elaborate some points.

MIRAS, which stands for Mortgage Interest Relief At Source, is a form of tax relief available from the Government On the interest to be paid on first Ł30,000 of a qualifying mortgage. The tax relief has been fixed at 10% since April 1998.

This relief is given to buy all or a partial share of an individual's main residence in UK, or for replacing a loan like remortgage. Until 1989, it was possible to get tax relief for home improvement loans. These loans continue to be eligible for MIRAS but the benefit would be lost if a borrower were to remortgage.

This relief phased out in April 2000.

Hope this information will help you.

God bless you.

For MortgageFit,
Samantha
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