Knocking on doors in Bordon recently, I spoke with a constituent who raised an interesting point about homeownership – the old Mortgage Interest Relief (MIRAS) scheme, introduced by the Conservatives in the 1980s and abolished by New Labour, which gave homeowners tax relief on mortgage payments, writes Greg Stafford, MP for Farnham and Bordon. While MIRAS had its flaws, that conversation has prompted a question: how will this government actually make homeownership more achievable? After the pandemic, then-Chancellor Rishi Sunak introduced a mortgage guarantee scheme to stabilise the market, supporting 95 percent mortgages and helping first-time buyers. That scheme was always designed as a temporary support. Yet now, Labour has confirmed it will repurpose and permanently extend this post-Covid tool – a major shift in policy direction.
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