Mortgage interest relief
The rate of mortgage interest relief for first-time buyers is being increased from 20% to 25% in year 1 and year 2 and to 22.5% in years 3, 4 and 5. The additional relief will be available to new first-time buyers and first-time buyers who have bought a house in the last 4 years. These changes take effect from 1 January 2009.
How is this calculated and applied in Jan to my mortgage? I bought my house in 2006
The rate of mortgage interest relief for first-time buyers is being increased from 20% to 25% in year 1 and year 2 and to 22.5% in years 3, 4 and 5. The additional relief will be available to new first-time buyers and first-time buyers who have bought a house in the last 4 years. These changes take effect from 1 January 2009.
How is this calculated and applied in Jan to my mortgage? I bought my house in 2006