Mortgage tax relief

Kieo

I have a mortgage for the last 8 years and am receiving mortgage tax relief, about a year and six months ago i remortgaged the house with a new bank so i paid off the old mortgage and recieved a completley new mortgage. With the new budget stating that mortgages over 7 years will lose their tax relief do i lose my tax relief or is it considered an 1 & 1/2 year mortgage and will i still receive my tax relief.

stepbar

Kieo wrote: »

I have a mortgage for the last 8 years and am receiving mortgage tax relief, about a year and six months ago i remortgaged the house with a new bank so i paid off the old mortgage and recieved a completley new mortgage. With the new budget stating that mortgages over 7 years will lose their tax relief do i lose my tax relief or is it considered an 1 & 1/2 year mortgage and will i still receive my tax relief.

This should be moved to the Banking forum. To answer your q, I would imagine that you won't get fresh TRS ( as in at the level you recieved at the start of your initial mortgage).

Senna

Your TRS will end in May 2009, remortgaging does not count as a new mortgage. Only buying a new house or taking out larger amount for extending the property.