Does mortgage relief still exist?

onejontwo

Is it still considered wise to keep a small mortgage going to be eligible for tax relief whilst still in employment ,and in so doing getting a reduction in the tax we pay?
I know this was considered the case a number of years ago.
Any advice please.

homer_j_3

MIRAS was scrapped about 11yrs ago I think.

wymondham

Mortgage Relief these days is when you finish paying it all off!

Gorgeous_George

I'm not sure that it was ever worth keeping a mortgage for the tax relief.

I think it may be worth keeping it going at a minimum level so that the mortgage company look after the deeds. I'll pay a bank to keep mine when that day comes.

GG

onejontwo

So basically what you're saying is that there is no benefit in having a small mortgage and the best option is to pay it off ASAP .
Btw, how much does a bank charge to keep the deeds as Gorgeous George suggested??

Gorgeous_George

A quick google shows that Skipton charge £25 per annum. This seems reasonable and is probably quite cheap.

So, hold the mortgage at less than £400 and you will pay less in interest than the safekeeping fee while also deferring the costs of redemption.

GG