Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage Relief, PLEASE explain

Options
  • 14-04-2009 9:59pm
    #1
    mary19
    Closed Accounts Posts: 53 ✭✭


    I am looking to find out this mortgage relief they are scrapping after 7 years is it on your very first mortgage or is it on your current mortgage ?


Comments

  • Options
    #2
    francish
    Closed Accounts Posts: 74 ✭✭francish


    My understanding is that you are allowed to claim relief for 7 years only, regardless if you are on mortgate 1 or 5.


  • Options
    #3
    mary19
    Closed Accounts Posts: 53 ✭✭mary19


    thanks for that.


  • Options
    #4
    ixoy
    Moderators, Entertainment Moderators Posts: 17,993 Mod ✭✭✭✭ixoy


    I thought it was based on when you took out the mortgage? So if you took out a mortgage in '01 but only started TRS in '04, you'd now be out because you're beyond the seventh year of your mortgage (but not for claiming TRS)?


  • Options
    #5
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    From posts on another forum, by people who had phoned up Revenue to confirm, it is from when you last purchased and drew down the mortgage. So if i purchases in 2001, my TRS would be expired from 1st May 2009. But if i purchased another house (not re-mortgage) and got a new mortgage i would get 7 years TRS from 2009 on.

    I was assured this is correct. It may be a ploy to get more activity in the market, a trader-upper/downer will have to pay stamp duty if they purchase again, but they get 15% TRS for the next 7 years compared to none on the old mortgage.
    If they buy a new house that is exempt from stamp, the gov get the VAT tied up in the house.
    I would expect TRS to be fazed out over the next few (less) years anyway.


  • Options
    #6
    Padraig Mor
    Registered Users Posts: 9,563 ✭✭✭Padraig Mor


    My understanding:

    You get mortgage relief on your residence for seven tax years beginning with the tax year from which you first claim relief. You can have as many mortgages as you like in that time.

    My case:
    Bought (well, stage payments) Nov 03
    Claimed TRS early 04 (but from the initial mortgage payment).
    I am entitled to relief for the years 2003 - 2009 inclusive.
    If I (and the mortgage broker) had been a bit more clued in I would have only claimed TRS from Jan 04 - as I would then be entitled to relief for the whole of 2010.


  • Advertisement
Advertisement