Mortgage Interest and a reserve account?

[aly]

how would the mortgage interest work when calculating if the interest was within a reserve account?..

Basically we had a Woolwich Open Plan mortgage which was a tracker, we were over paying on the ammount as we had used up all the reserve available over the years.

As the mortgage was taken out back in 2000~2001 the actual interest rate was very very low, but since we were in "overdraft" (causing interest added on to the mortgage) with the mortgage by using up the reserve how would we work things out?

Hope thar makes sense?

[MrAnchovy]

In order to claim (part of) the interest as a household expense, the loan it relates to must have been made in order to purchase (extend, refurbish etc.) the house, so you need to calculate how much interest relates to the original loan (and any additional withdrawals for extensions etc.) and how much to the overdraft/other withdrawals.

[aly]

Thanks Mr A.

all very confusing lol....I got my OH to type the message as it goes straight over my head.....He thinks its probably not worth 'trying' to claim as its too confusing.

thanks for replying

x