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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 life insuranceMortgage life insuranceA life insurance policy which pays off the outstanding balance of a mortgage in the event of the death of the insured. Buy down mortgageBuy down mortgageA home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage. Mortgage brokerMortgage brokerAn independent agent who shops around for the best mortgage deal on behalf of his clients. Mortgage BondsMortgage BondsBonds issued by corporations, which offer first mortgages on real property of the corporation as security for the payment of the bonds. Mortgage application feeMortgage application feeA charge purely for applying for a mortgage. Paid to the lender upfront at the time of application it is usually between £100 and £300.This type of fee is becoming less common than an arrangement fee. As with arrangement fees, this type of mortgage fee is usually found with the special deals from lenders possibly to restrict the number of applicants by only attracting serious buyers. Some of the time this fee is refunded on completion of the mortgage. Further SuggestionsReverse mortgageResidential mortgage Full status mortgage H Hard Money Mortgage Cashback mortgages Equitable Mortgage Real Estate Mortgage Investment Conduit (REMIC) Mortgage Backed Securities Clearing Corporation (MBSCC) General Mortgage Bond second mortgage Secondary mortgage market Reverse annuity mortgages (RAM) Direct Reduction Mortgage Pension mortgage Mortgage pipeline risk Bi weekly mortgage loan Mortgage Stripped mortgage backed securities (SMBS) Collateralized mortgage obligation (CMO) remortgage Self amortizing mortgage Mortgage code arbitration scheme Cooperative mortgages Open end mortgage graduated payment mortgage |
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