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Mortgage Interest Relief

Volume 407: debated on Monday 16 June 2003

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To ask the Chancellor of the Exchequer what plans he has to revise the regulations governing mortgage interest relief for people who took out a mortgage prior to October 1995 but have since remortgaged their property with a different lender. [118954]

Mortgage Interest Relief was withdrawn with effect from April 2000. This tax relief is now only given on loans, taken out before 9 March 1999, and used by people aged over 65 to purchase life annuities. These loans have to meet certain conditions—for example, the loan must be secured on the borrower's main residence. Loans replacing such loans may also qualify for relief. There are no plans to change the rules governing this relief.