FTB Mortgage Interest Relief Increased

Mortgage interest relief for first time buyers will be increased as follows: (previously 20%)

From 1 January 2009 tax relief is 25% for the first two years.
In years 3-5 tax relief is 22.5% and in years 6-7 relief is 20%

These changes will apply to\ all first time buyers who purchased from 1 January 2005.

Relief for non-first time buyers will be reduced from 20% to 15%.