Guide to Mortgages

Mortgage Tax Relief

The government phased out mortgage tax - also know as MIRAS (Mortgage Interest Relief At Source) in April 2000.

The tax relief was eligible only to your main residence (if you happened to have more than one property) and was eligible to the owner, or shared if your property was jointly owned. The Inland Revenue decided to give MIRAS on two properties if they have to live away from each other due to work.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.