Mortgage duty is payable on the amount secured by a mortgage. The amount secured by a mortgage is the amount of any advance made under an agreement, understanding or arrangement for which the mortgage is security.

Owner Occupied

From 1 September 2007, mortgage duty is not chargeable if the loan is for the purpose of owner occupied housing and is for no other purpose(s).

Investments

From 1 July 2008, mortgage duty is not chargeable if the loan is for the purpose of investment housing and is for no other purpose(s).

Duty on mortgages will be abolished from 1 July 2016.