The supplementary budget of April this year (2009) saw the removal of mortgage interest relief on mortgages over seven years old. This means that if you have a mortgage for more than seven years, you are no longer entitled to mortgage interest relief. So along with the pay-cuts, higher taxes, levies etc, you will also lose your mortgage interest relief. Most of us … will have noticed this change in our May payslips or more importantly in our pockets.
Just in case you are not aware, there are some transitional measures for 2009. For more info check out the Citizens Information Website.