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Budget 2011: support for mortgage interest payments scheme extended

Chancellor George Osborne has revealed the the support for mortgage interest scheme concessions will be extended by one year until January 2013.

Giving his Budget speech today, Osborne said extending the scheme would help up to 100,000 jobless home owners with mortgage interest payments.

Under the scheme, jobless home owners can claim up to 100 per cent of their interest payments after 13 weeks of unemployment and for mortgages worth up to £200,000. This was due to revert back to a 39 week waiting time in January 2012.

Osborne also revealed stamp duty will be based on the mean value of a property in a portfolio, not the bulk cost. He also pledged to look at ways to make sure high value property owners pay their “fair share” of tax and promised to close down three types of stamp duty avoidance.

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