Propertymark, the UK’s leading professional body for property professionals, has urged the government to restore mortgage interest relief (MIR) in the upcoming Budget.
MIR is a tax relief that allows homeowners to deduct the interest they pay on their mortgage from their taxable income. It was abolished in 2017, but Propertymark is now calling on the government to reinstate it in order to help struggling homeowners.
The organisation believes that restoring MIR would provide much-needed financial relief to those who are struggling to keep up with their mortgage payments. It would also help to reduce the number of people who are at risk of losing their homes due to financial hardship.
Propertymark’s Chief Executive, Mark Hayward, said: “We are calling on the government to restore MIR in the upcoming Budget. This would provide a much-needed lifeline to those who are struggling to keep up with their mortgage payments and could help to reduce the number of people at risk of losing their homes due to financial hardship.”
He added: “The government must act now to help those who are struggling financially and ensure that they have the support they need to stay in their homes.”
The organisation has also called on the government to introduce a range of other measures to help homeowners, such as increasing the availability of affordable housing and providing more support for those who are struggling with their mortgage payments.
It is hoped that the government will listen to Propertymark’s calls and take action to help those who are struggling financially. Restoring MIR could provide a much-needed boost to those who are struggling to keep up with their mortgage payments and could help to reduce the number of people at risk of losing their homes due to financial hardship.