MIRAS
Mortgage Interest Relief at Source, or MIRAS, was a
scheme
introduced
by the
government
of the
United
Kingdom in
1983 in an
effort to
facilitate a
greater
level of
borrowing
for house
purchases;
it allowed
borrowers
tax relief
for interest
payments on
their
mortgage.
This was
available
for the
first
£30,000 of a
qualifying
mortgage and
up until
1988, those
with joint
mortgages
were able to
combine
their
allowances
to £60,000.
MIRAS was
completely
abolished in
April 2000.
Receiving
MIRAS was
one of the
justifications
given by
mortgage
advisers
when selling
endowment
mortgages.
back to home page
