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Mortgage interest relief at source |
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Mortgage interest relief at sourceThe mechanism by which income tax relief was extended to a borrower on the interest paid on the first £30,000 of a mortgage on their main home.The system was known as MIRAS, and was operated by most building societies, banks and insurance companies, who would reduce the amount of interest eligible borrowers had to pay every month, and then claim the tax relief back from the Inland Revenue.The amount of relief available on MIRAS was gradually scaled down to 10% and ended altogether from 6th April 2000.Similar MatchesBiweekly mortgage loanBiweekly mortgage loanA mortgage whereby the borrower makes a half monthly payment every two weeks instead of the usual 12 monthly payments. This arrangement results in 26 half monthly payments per year and a significant reduction in interest since an extra monthly payment is made. Mortgage backed securityMortgage backed securityA security, backed by one or more mortgages. Reverse mortgageReverse mortgageA mortgage that permits elderly people who own their home outright to receive an income with the home as collateral. The loan is repaid plus interest either at the end of the term or on the death of the borrower when the property would be sold. Mortgage arrearsMortgage arrearsThe amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements. Mortgage payment protection insurance (MPPI)Mortgage payment protection insurance (MPPI)An MPPI policy pays your mortgage for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. It should provide enough income to cover all your monthly mortgage expenses. If you have a repayment mortgage, this should be your capital and interest repayment and if you have an interest-only mortgage, the MPPI should cover your interest payment as well as your normal monthly contribution to the investment vehicle that will repay your loan. Further SuggestionsFederal National Mortgage AssociationSenior mortgage bond capped rate mortgage Government National Mortgage Association (Ginnie Mae) Government National Mortgage Association mortgage protection Remortgage Tracker mortgages reverse annuity mortgage Reverse mortgage Buy down mortgage mortgage indemnity Stepped discount mortgage Mortgage term Self certification mortgage Gnma (government National Mortgage Association) Options Consolidated mortgage bond Mortgage lien Mortgage Insurance Renegotiable Rate Mortgage Mortgage Company Mortgage duration Mortgage deed Adjustable Rate Mortgages (arms) Self amortizing mortgage |
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