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Mortgage Interest relief

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  • 12-11-2009 1:09pm
    #1
    napapa
    Closed Accounts Posts: 149 ✭✭


    Hi all,
    I've just bought a house (first time buyer) and mortgage was drawn down yesterday by solicitor. Can someone tell me if mortgage interest relief is worked out on calender year (meaning I only have 1 month of relief for year 1) or from day mortgage is drawn down (Year 1 will be Nov '09 to Nov '10).

    Cheers in advance.


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    #2
    jeckle
    Closed Accounts Posts: 652 ✭✭✭jeckle


    Year 1 for you is 2009 (As in Jan-Dec 2009). You will get TRS for whatever interest you pay (assuming you haven't paid over your ceiling!) between now & 31st December @ 25% until the end of this year.

    Year 2 for you will start January 1st 2010.

    Year 7 for you will be January - December 2015.

    So, Starting Jan 2016 you will no longer be entitled to TRS.


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    #3
    none
    Registered Users Posts: 569 ✭✭✭none


    jeckle wrote: »
    Year 1 for you is 2009 (As in Jan-Dec 2009). You will get TRS for whatever interest you pay (assuming you haven't paid over your ceiling!) between now & 31st December @ 25% until the end of this year.

    Year 2 for you will start January 1st 2010.

    Year 7 for you will be January - December 2015.

    So, Starting Jan 2016 you will no longer be entitled to TRS.

    Is it really the case? Seems overly unfair, to be honest. Like a legal loophole in favour of the State (as opposed to most other loopholes exploited against the State).


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    #4
    veryangryman
    Registered Users Posts: 5,574 ✭✭✭veryangryman


    none wrote: »
    Is it really the case? Seems overly unfair, to be honest. Like a legal loophole in favour of the State (as opposed to most other loopholes exploited against the State).

    Fraid so mate. I rang them earlier this year to check same


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    #5
    napapa
    Closed Accounts Posts: 149 ✭✭napapa


    cheers for the bad news!:(


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    #6
    crossmolinalad
    Registered Users Posts: 837 ✭✭✭crossmolinalad


    Start in jan 2010 and forget those two months
    Bought a house in 0ct 2006 didnt apply for relief untill may this year
    started filling in from jan 2007 on advice of my accountant
    but it takes a long time before i get it
    already waiting for 6 months of their repayments


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    #7
    napapa
    Closed Accounts Posts: 149 ✭✭napapa


    is this possible? when filling application form on revenue website, they ask when you paid first mortgage payment.


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