mortgage relief

paddym3

hi all
just a few questions some one might help me with. recently after 8 months of arguing with my bank i finally got a loan on my self build. first property and maortage taken with my fiance. My questins are;
1 we have taken our first stage payment and wondering do we qualify fro all the relief of full mortage by december 12
2 will we only get relief on the amount we have drawn down or on full mortgage
3. we wont have all mortage drawn by december so worried we might lose out on chunk of releif.

this is both our first property and will be our home. Thanks in advance
paddy.

rameire

the trs will be based on the estimated interest calculated on the balance drawn down this year.
year 1 2 and 3 are 25% on a ceiling of 20,000 or the interest charged
year 4 and 5 will be 22.5% on ceiling of 20,000
and year 6 will be 20% on ceiling of 20,000

after year six, you will get no more trs as it will be removed for all people.

paddym3

so what ever we have drawn down of the mortgage by 31st of december just for argument sake is 50k we will only get relief on that at 20% for first three years and less for nex year and so on. it a pity we cant have it al drawn down prior to deadline