Mike Reed
pfm Member
Though there was MIRAS.
On one's own home? D'you know, I'd forgotten that and how it was administered/effected.
Though there was MIRAS.
On one's own home? D'you know, I'd forgotten that and how it was administered/effected.
If you had a joint mortgage but were not married you got dual MIRAS - pissed of our Building society manager no end when we took out our mortgage, got tax relief on the whole £55000.
A lady tennis colleague and her bee-keeping husband went ahead with their sale in the summer despite their purchase's owner whacking up the price by £20K because they hadn't found another to move to. This they refused and it fell apart. They rented local accommodation in a friend's boatyard for a few months but now are having to rent an Airbnb until a new venue goes though, hopefully. This has affected them a fair bit, understandably, but why they, or anyone, would want to move in the unpredictable climate of last and this year, except for pressing circumstances, I really don't know.
Conveyancing (as I know well) has been unusually protracted due to government interference in the housing market (as usual, dire consequences; why don't they learn?). My own straightforward flat disposal took 3 months and it was acknowledged that solicitors/conveyancers were only dealing with 'urgent' cases where large stamp duty amounts were involved. That my exchange happened just into October after the end of the s.d. 'holiday' endorses this.
Our housing market has its own problems without governments interfering. Supply and demand are sufficiently balanced bases for this ancient asset class exchange. Can't believe that my £8,250 first purchase of a thirties semi in a decent area of Canterbury in the lee of the uni was considered a struggle in 1975 and required me to be a saver with the Leek & Moorlands Build. Soc. for 6 months before I was considered eligible, despite having been a teacher for over a year. Times do change !
Reminds me of a house one of our neighbours was selling about four years ago. It went for £1.4m. One buyer viewed it then came back with an offer well short of the anticipated successful bid, saying that they wanted to knock a couple of walls through and move rooms around to make it to their liking and that would cost X which they deducted from their offer. The neighbour had to tell them it doesn’t work like that.The housing market is broken, with much of the mess caused by govt intervention. I looked at a place today, pictures must have been taken 20 years ago, totally misrepresented. It was basically a wreck and needs gutting, yet they want the money it would be after having £250K spent on it. We really could do with a proper recession to flush out this nonsense. The more I look, the more I want to stay in my beautiful house.
I really can't remember mortgage interest relief at source affecting me then or later. As I was doing my own tax returns, MIRAS never came up so I've no idea who benefitted or how. Where was 'the source'? Sounds like it should have been deducted from the mortgage payments.
It was.
Tax relief on interest paid.
Finally remembered ”Mortgage Interest Relief At Source”
At the the time I was living in a tied farm house, if I remember properly the benefit in kind was £700 per year. Not bad when all the bills were paid. The savings helped a lot when we had buy our own house in 1995.
I thought tied cottages were rented, not bought with standard mortgages (not that I know about the farming world)
Are you saying it’s cheaper to live in sin mortgage-wise?The building society reduced the payments - when we got married they very quickly requested an increased payment to reflect the fact that we were only then due relief on £30,000.
Are you saying it’s cheaper to live in sin mortgage-wise?
Are you saying it’s cheaper to live in sin mortgage-wise?
It’s a market, you have to be able to compete both as buyer and seller