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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 MatchesGovernment National Mortgage Association (Ginnie Mae)Government National Mortgage Association (Ginnie Mae)A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA-guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages. MortgageMortgageThe name given to a loan used to buy a property. Mortgage REITMortgage REITAn REIT that invests in loans secured by real estate which derive income from REIT REIT and fees. Equity linked mortgageEquity linked mortgageThe lender takes ownership of a stake in the equity of the property. This means that they lend you less than the full amount that is required to buy the home. Interest is only charged on the amount that they lend you and not on the full value of the property. When you sell the property, the lender receives payment in proportion to the amount of equity that they own, and therefore benefits from any increase in the price of the property. First MortgageFirst MortgageA mortgage on property that is superior in position to any other mortgage. Further SuggestionsFederal National Mortgage AssociationStripped mortgage backed securities (SMBS) Shared Appreciation Mortgage (SAM) Wrap Around Mortgage Mortgage incentives Secondary Mortgage Market Mortgage pool Adjustable rate mortgage (ARM) Remortgage Package mortgage mortgage broker All inclusive Trust Deed (wrap around mortgage) Mortgage Servicing Open end mortgage flexible mortgage account Alternative mortgage instruments Private Mortgage Insurance (PMI) Chattel mortgage Self certification mortgage General Mortgage Bond Mortgage broker repayment mortgage Tracker mortgages First mortgage H Hard Money Mortgage |
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