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Mortgage Interest Relief Question

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  • 15-03-2012 9:35pm
    #1
    mel.b
    Registered Users Posts: 3,130 ✭✭✭


    I'm a FTB and hoping to buy before the end of the year to take advantage of the increased mortgage interest relief. However I don't understand fully about when I'd have to buy to actually get the increased relief. When does it actually apply - do I have until the 31st Dec to buy/sign or do I actually need to have moved into a place by that date to be eligible (which means I don't have as long to save the deposit and find a place)?


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    mel.b wrote: »
    I'm a FTB and hoping to buy before the end of the year to take advantage of the increased mortgage interest relief. However I don't understand fully about when I'd have to buy to actually get the increased relief. When does it actually apply - do I have until the 31st Dec to buy/sign or do I actually need to have moved into a place by that date to be eligible (which means I don't have as long to save the deposit and find a place)?

    Your mortgage will need to have issued by the 31st December 2012 to be entitled to TRS. You become entitled to TRS once interest starts accruing on the mortgage. In reality with the cut off dates banks have for issuing cheques at christmas time and the fact that solicitors tend to be closed over the Christmas holidays you'll need to close the purchase this side of Christmas


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