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Mortgage Tax Relief

Help towards mortgage interest payments is available if you receive certain income-related benefits. The amount is payable as part of your benefit and is called Support for Mortgage Interest (SMI).

You are likely to qualify for SMI if you are getting income support, jobseeker's allowance, employment and support allowance or pension credit.

It used to be possible to get tax relief on mortgages in the past through a government-backed scheme that has since been withdrawn. The Mortgage Interest Relief At Source (MIRAS) initiative ceased to exist from 6 April 2000.

At the time of the withdrawal, around ten million loans were in the MIRAS scheme, which was operated by mortgage lenders.

MIRAS worked by allowing borrowers to pay a reduced amount of interest on their loans, reflecting the gross interest that they were liable to pay minus the tax relief due. Lenders would then recover the tax relief from the Inland Revenue.

 
 
Lender Initial Rate Duration Standard Rate Overall Cost For Comparison Max Loan To Value Fee
2.59% 2 years 5.69% 5.4% APR 75% £999
2.69% 2 years 4.99% 4.9% APR 75% £495
2.94% 2 Years 5.69% 5.4% APR 75% £199
2.99% 2 years 4.99% 4.9% APR 85% £495
2.99% 3 years 4.99% 4.6% APR 70% £499
3.0% 2 years 5.69% 5.5% APR 80% £999
3.19% 5 Years 4.79% 4.2% APR 80% £995
3.35% To Jul 2014 4.95% 4.6% APR 75% £999
3.5% 2 years 5.49% 5.1% APR 75% £595
3.84% 2 years 3.94% 4% APR 90% £499

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