Bring Back MIRAS to Help Homeowners With Rising Mortgage Rates

 

Mortgage rates have been on the rise in the UK in recent months, and this is putting a strain on many homeowners' budgets. The average rate for a new mortgage is now over 5%, and it's expected to continue to climb in the coming months.

For many homeowners, this means that their monthly mortgage payments are going to go up significantly. This can be a real hardship, especially for those who are already struggling to make ends meet.

One way to help homeowners with rising mortgage rates is to bring back MIRAS. MIRAS, or Mortgage Interest Relief at Source, was a scheme that allowed homeowners to claim tax relief on their mortgage interest payments. This was a great way to help homeowners save money on their monthly mortgage payments, and it also helped to stimulate the housing market.

MIRAS was abolished in 2000, but there have been calls to bring it back in recent years. With mortgage rates on the rise, now is the time to bring back MIRAS and help homeowners with their monthly payments.

How MIRAS Would Help Homeowners

MIRAS would help homeowners in two ways. First, it would reduce the amount of money that homeowners have to pay in mortgage interest each month. This would free up some much-needed cash for other expenses, such as groceries, bills, and transportation.

Second, MIRAS would make it easier for homeowners to afford to buy a home. With MIRAS, homeowners would be able to borrow more money to buy a home, and they would also be able to afford a higher monthly mortgage payment. This would make it easier for more people to become homeowners, which would help to boost the economy.

Why Bring Back MIRAS Now?

There are a few reasons why now is the time to bring back MIRAS. First, mortgage rates are on the rise, and this is putting a strain on many homeowners' budgets. MIRAS would help to offset the rising cost of mortgage interest payments, and it would make it easier for homeowners to afford their monthly payments.

Second, the housing market is currently in a bit of a slump. This is partly due to the rising cost of mortgage interest payments. MIRAS would help to stimulate the housing market by making it easier for people to buy homes.

Finally, MIRAS is a popular policy with the public. A recent poll found that 60% of people support bringing back MIRAS. This shows that there is a clear demand for this policy.

Conclusion

MIRAS is a policy that would help homeowners with rising mortgage rates. It would reduce the amount of money that homeowners have to pay in mortgage interest each month, and it would also make it easier for people to buy homes. Now is the time to bring back MIRAS and help homeowners with their monthly payments.

 

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