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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 MatchesMortgage interest deductionMortgage interest deductionA federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence. Strip mortgage participation certificate (strip PC)Strip mortgage participation certificate (strip PC)Ownership interests in specified mortgages purchased by Freddie Mac from a single seller in exchange for separate instruments representing interests in the same mortgages. Private Mortgage InsurancePrivate Mortgage InsuranceInsurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment. Cooperative mortgagesCooperative mortgagesAny loans related to a cooperative residential project. Real Estate Mortgage Investment Conduit (REMIC)Real Estate Mortgage Investment Conduit (REMIC)A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. A financing vehicle created under the Tax Reform Act of 1986. Further SuggestionsMortgage typesfirst mortgage Blanket Mortgage adjustable rate mortgage Reverse annuity mortgages (RAM) Equitable Mortgage Graduated Payment Mortgage Government National Mortgage Association (Ginnie Mae) Mortgage pipeline risk Mortgage debt Mortgage pool Mortgagee One hundred percent mortgage Cashback mortgages Lehman Brothers Mortgage Backed Securities Index Mortgage reference fee Second mortgage lending second mortgage Mortgage broker Mortgage Mortgage Insurance Wrap Around Mortgage Foreign currency mortgage repayment mortgage base rate tracker mortgage |
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