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TRS in budget 2012

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  • 06-12-2011 6:47pm
    #1
    CJ1
    Registered Users Posts: 92 ✭✭


    Is there a change in TRS for second time buyers? Will it make a difference if we draw down mortgage in december or january because of today's budget?
    Does the change only apply to first time buyers?


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    #2
    variety
    Registered Users Posts: 152 ✭✭variety


    CJ1 wrote: »
    Is there a change in TRS for second time buyers? Will it make a difference if we draw down mortgage in december or january because of today's budget?
    Does the change only apply to first time buyers?

    No change for 2nd time buyers; today's changes only affect FTBs who bought between 2004 and 2008.

    TRS is only applicable from the date you make your first repayment, not from the date of a loan offer, nor from the date you draw down the mortgage.
    Usually, there is a 6 week grace period from when you draw down to the first repayment.


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    #3
    CJ1
    Registered Users Posts: 92 ✭✭CJ1


    I thought there was some change pertaining to 2012 too, was it not meant to be scrapped from jan 2012 but i think that is extended to dec 2012 and eventually scrapped altogether in 2013. I could be mistaken on this!

    If it applies from from first payments then that is probably good for us as we would not have made first payment til after jan 2012 at any rate.


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    #4
    astrofool
    Registered Users Posts: 16,655 ✭✭✭✭astrofool


    15% TRS for non first time buyers:
    http://www.rte.ie/news/2011/1206/budget_day2_keypoints.html

    I'd imagine the pin is apoplectic.


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    #5
    NewDirection
    Registered Users Posts: 223 ✭✭NewDirection


    CJ1 wrote: »
    I thought there was some change pertaining to 2012 too, was it not meant to be scrapped from jan 2012 but i think that is extended to dec 2012 and eventually scrapped altogether in 2013. I could be mistaken on this!

    If it applies from from first payments then that is probably good for us as we would not have made first payment til after jan 2012 at any rate.
    Where did you read that it applies to your first payment. The wording in the budget was 'first time buyers who bought between 2004 - 2008'?


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    #6
    CJ1
    Registered Users Posts: 92 ✭✭CJ1


    It says in today's paper (Irish independent) that in 2012 the trs will increase from 10% to 15% for non first time buyers.
    I have not read it anywhere else, wondering at what date it applies to, we have not signed final stage yet or drawn down mortgage, wondering should we wait until jan 2012.


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    #7
    NewDirection
    Registered Users Posts: 223 ✭✭NewDirection


    CJ1 wrote: »
    It says in today's paper (Irish independent) that in 2012 the trs will increase from 10% to 15% for non first time buyers.
    I have not read it anywhere else, wondering at what date it applies to, we have not signed final stage yet or drawn down mortgage, wondering should we wait until jan 2012.
    If that is the case, it doesn't make any difference.
    Houses bought in 2010 are going to be at 15% also. Both houses bought in 2010 and 2011 will only receive MIR until 2017, so it would make little difference either way. If in doubt give revenue a ring, they are on the ball in that office.


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    #8
    NewDirection
    Registered Users Posts: 223 ✭✭NewDirection


    variety wrote: »
    No change for 2nd time buyers; today's changes only affect FTBs who bought between 2004 and 2008.

    TRS is only applicable from the date you make your first repayment, not from the date of a loan offer, nor from the date you draw down the mortgage.
    Usually, there is a 6 week grace period from when you draw down to the first repayment.
    I rang revenue, it is from when you bought, not from when you paid your first repayment.


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    #9
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    NewDirection wrote: »
    I rang revenue, it is from when you bought, not from when you paid your first repayment.

    Revenue haven't got a clue on this... TRS is calculated from the day your mortgage issues (which is usually a couple of days before you close to allow solicitor receive funds in time for closing). A person becomes entitled to a TRS payment from Revenue on the date of their first mortgage repayment as this is the first time you have been charged the accumulated interest..Basically the Bank tell Revenue after your first repayment how much interest you've paid since the drawdown of the mortgage and then they work out your monthly entitlement.


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    #10
    hoopsbhoy
    Registered Users Posts: 43 ✭hoopsbhoy


    Does anybody know what the situation is for someone who was a FTB in 2004 (ie I bought first property in 2004) but have since sold that and bought again so would now be a 2nd time buyer.
    Given that I was a FTB in 2004 does this TRS change apply to me?

    Thanks


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    #11
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    hoopsbhoy wrote: »
    Does anybody know what the situation is for someone who was a FTB in 2004 (ie I bought first property in 2004) but have since sold that and bought again so would now be a 2nd time buyer.
    Given that I was a FTB in 2004 does this TRS change apply to me?

    Thanks
    Your first mortgage is no longer relevant, but you will continue to be entitled to TRS @ 15% on your current mortgage up to the end of 2017.


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