What is MIRAS

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I heard about something called MIRAS. What is it actually?

Niicss · Posted: Wed Nov 16, 2005 10:24 am Post subject: RE

MIRAS is basically a Mortgage Interest Relief At Source. Its a form. To be more presise its a tax relief which gets deducted from your interest payments on the first 30000 pounds of your mortgage.

Its copy should be there with your lender and its lender responsibility to pass this copy to Inland Revenue so that by filling out this form the tax relief will automatically gets deducted from your monthly mortgage repayments. This allows you not to file a tax return at the end of every financial year.

Niicss

Guest 0.10 Dollars($)

Hi Niicss,

Thanks for paying attention to my query. That was really helpful.

Thanks again

Samantha · Posted: Wed Nov 16, 2005 11:16 am Post subject:

Hi interesting,

I think you got your answer from the ever helping Niicss. I would just like to elaborate some points.

MIRAS, which stands for Mortgage Interest Relief At Source, is a form of tax relief available from the Government On the interest to be paid on first 30,000 pounds of a qualifying mortgage. The tax relief has been fixed at 10% since April 1998.

This relief is given to buy all or a partial share of an individual's main residence in UK, or for replacing a loan like remortgage. Until 1989, it was possible to get tax relief for home improvement loans. These loans continue to be eligible for MIRAS but the benefit would be lost if a borrower were to remortgage.

This relief phased out in April 2000.

Hope this information will help you.

God bless you.

For MortgageFit,
Samantha

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