UK Mortgage definition

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Protected loan

Prior to 1988, any number of persons occupying a property (except married couples) could each claim MIRAS entitlement on a joint loan. When, in 1988, the entitlement was changed to relief on the basis of the property rather than individuals, loans completed before that date  were deemed a Protected loan and continued to attract relief on the original basis. If parties to protected loans subsequently married or re-mortgaged, this tax perk was lost. The onus was on the lender to monitor such cases for continuing entitlement to MIRAS on the old basis. MIRAS was withdrawn in April 2000.