SCHEDULE 6HOUSING COSTS
Loans on residential property16
1
A loan qualifies under this paragraph where the loan was taken out to defray monies applied for any of the following purposes—
a
acquiring an interest in the dwelling occupied as the home; or
b
paying off another loan to the extent that the other loan would have qualified under paragraph (a) above had the loan not been paid off.
2
For the purposes of this paragraph, references to a loan include also a reference to money borrowed under a hire purchase agreement for any purpose specified in paragraphs (a) and (b) of sub-paragraph (1).
3
Where a loan is applied only in part for the purposes specified in paragraphs (a) and (b) of sub-paragraph (1), only that portion of the loan which is applied for that purpose will qualify under this paragraph.