We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Tax Return: what is mortgage interest?

Options
I need to do my tax return and it's asking for the mortgage interest.

Is that just the monthly mortgage payment?

Comments

  • Brighty
    Brighty Posts: 755 Forumite
    edited 30 October 2017 at 12:36PM
    Is this for rental income?
    Only the mortgage interest is deductable, not your full monthly mortgage payment (unless you are on interest only)
    You'll need to get the info from your lender. Ask them for a "Certificate of mortgage interest" for the relevent tax year, it used to be called a "Miras 5 certificate" some lenders still use that term.
    You doing a paper return for 2016-17? If so you're cutting it a bit fine
  • scrub wrote: »
    I need to do my tax return and it's asking for the mortgage interest.

    Is that just the monthly mortgage payment?

    Genuine question: how can you have a mortgage and not know what mortgage interest is?
  • scrub
    scrub Posts: 175 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 30 October 2017 at 12:59PM
    Brighty wrote: »
    Is this for rental income?
    Only the mortgage interest is deductable, not your full monthly mortgage payment (unless you are on interest only)
    You'll need to get the info from your lender. Ask them for a "Certificate of mortgage interest" for the relevent tax year, it used to be called a "Miras 5 certificate" some lenders still use that term.
    You doing a paper return for 2016-17? If so you're cutting it a bit fine

    It's interest only so I just put that then. I thought it was something along those lines but wanted to be sure as the explanation on the HMRC isn't very clear. Thanks.

    I'm doing the return online but I need the it for a mortgage application as I'm a contractor.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.