Mortgage Interest Relief At Source

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Mortgage Interest Relief at Source, or MIRAS, was a scheme introduced by the government of the United Kingdom in 1983 in an effort to facilitate a greater level of borrowing for house purchases; it allowed borrowers tax relief for interest payments on their mortgage.

This was available for the first £30,000 of a qualifying mortgage and up until 1988, those with joint mortgages were able to combine their allowances to £60,000. MIRAS was completely abolished in April 2000.

Receiving MIRAS was one of the justifications given by mortgage advisers when selling endowment mortgages.

[edit] See also

• UK mortgage terminology