First Time Buyer Benefits

This relief if available for mortgage interest paid up to certain limits. The maximum tax relief available for a single person, who is a first time buyer, is 4,000 per annum and 8,000 for married couples or a widower. These increased limits apply for the first seven years, thereafter the amounts fall back to standard rate of 2,540 and 5,080 respectively. The tax relief given is also at the standard rate which is 20% for the tax year 2003.

Other First Time Buyer Benefits :

•   First Step Mortgage
•  Rent a Room Tax Free
•  Stamp Duty