Definition: Interest paid on mortgage
Interest paid on mortgage refers to the total gross amount, before deducting any tax credit or tax allowance, of mortgage interest on the main residence of the household during the income reference period.
It does not include:
- any other mortgage payments, either interest or principal, made at the same time, such as mortgage protection insurance or home and contents insurance,
- payments on remortgages to obtain money for housing purposes (e.g. repairs, renovations, maintenance, etc.) or for non-housing purposes,
- repayments of the principal or capital sum.
Commission Regulation (EC) No 1980/2003 of 21 October 2003 implementing Regulation (EC) No 1177/2003 of the European Parliament and of the Council concerning Community statistics on income and living conditions (EU-SILC) as regards definitions and updated definitions