Hello. My family bought a house four years ago. My wife wants to invest some money in our home. We have no cash available and considering home improvement loan. Our plan is to completely renovate our home and to do this we need considerable amount of money. I know that this is risky and earlier thought that we should wait until the house is fully paid, but our children are now big and this investment could make our home more comfortable for all of us. What do I need to do to qualify for mortgage interest relief?
People who have taken a bank loan to repair or improve their principal residence are entitled to obtain a mortgage interest relief. If it is your home, your main residence, you are allowed to be considered for a reduced mortgage payment or a credit to your funding account. The relief itself depends on how much mortgage interest you pay. There is also difference between first time buyers and others, first time buyers are in a better position regarding this matter. You can claim mortgage interest relief by submitting your details and I believe that this could be done by completing the application online.
