[Gareth2011]

Originally Posted by outeverynite

I did a check myself as I got letter from EBS and they reduced my mortgage interest relief to 15% as I've hit end of my 7th year (mortgage taken out in 2005). Was wondering what the story was and I checked Revenue on it and got the following info:-

Section 3. What changes have arisen from the Budget Announcement on 6th December 2011 [Budget 2012]

From 1st January 2012 the rate of mortgage interest relief for first time buyers who took out their first mortgage between the years 2004 to 2008 and are residing in the property increases to 30% until 2017. If you took out a loan outside of these dates the existing rules remain unchanged. (see rates/ceilings chart)
Back to Top
Section 4. If I took out my first mortgage between the years 2004 to 2008 what do I need to do?

There is no need for you to do anything. Revenue and the lending institutions will make the necessary changes. For administrative reasons this will take a period of time to complete but you will not lose out and you will get the full mortgage relief due to you in 2012.
Back to Top


So it'll probably take a little while, maybe a month or two, for it to go up to 30% interest relief but we'll still get it backdated to start of 2012.

That thing abou the TRS untill 2017 was out in 2010 budget. The 30% for people who bought 04-08 only came out this year. They brought out the trs to end in 2017 because people overpaid for their propertys during that time pretty much because of the boom and it was give a helping hand so mortgage payments wouldn't shoot up. So the 30% is a welcome thing. For me its an extra 7.5% cause im only 22.5% but your on 15% so its worth 15% to you

[ccazza]

My question is a little different. We took out our original mortgage in 2004 and 2005 while we were building our house. In 2009 we switched our mortgage to a different provider but we are still living in the original house for which we took out the mortgage. Because we switched our mortgage in 2009 are we going to lose out on this relief for buyers during the period 2004-2008? Any help on this would be much appreciated.

[Gareth2011]

You took out your mortgage in 2004 and 2005? You have 1 or 2 mortgages? I would say you will be ok once you didn't buy a 2nd property I would imagine you would still be classed as a first time buyer as many people switched their mortgages between providers for better deals etc. But in saying that im not 100% on it. If you email citizensinformation or even revenue they will be able tell you for sure.

[ccazza]

Only 1 mortgage. We built our house so got the money in stage payments over those 2 years but then switched lender in 2009. Hope we still qualify as every bit helps. Will be very disappointed if we don't as we built at the height of the boom and everything was so expensive then. Would build the house now for probably half what it cost us then!

[ccazza]

I rang revenue today to see about the above. It was lucky I did! I am entitled to the 30% as we took out our original mortgage within the years 2004-2008 but they had our mortgage starting in March 2009 on their system as that's when we switched lenders. He was manually able to change the date so we're going to get 25% at first straight away and then when it's sorted out in the system we'll get the 30%. Glad I rang now!

[km79]

I've given up trying to work it out
Got a letter this morning saying from next year we will receive 125.00 a month.
I believe we are moving into year 8 so expected to get either :
15% of 6000 (old rate) for a month or 2 till it wad sorted which would equate to 75 a month
OR
30% of 6000 which would equate to 150 a month.
I can't figure out the figure of 125 especially when it is an exact figure of 125.00
Would the fact my wife took unpaid leave for a few months last year affect it ?

[Richard tea]

Confusing is not the word. I bought in 2007. My TRS was down 28 euro this month. My lender ( ICS ) applies the .15% cut in rates by the 23rd of this month. Something doesnt add up Do I contact my lender or Government department about this. I assume I should be on the 30% trs rate till 2017?

[rameire]

contact the revenue guys
have your pps number and ring 1890463626
try a few times as there is a msg saying please call back, but if you hang on you will get through to a person.

i spoke to a revenue member and they advised that the banks are updating their systems so that they can use a 30% trs rate
so for the time being people who are entitled to the 30% will be getting 25%
then when the banks are all sorted, everybody will be changed to the 30% and any shortfall will be paid, i assume over the remainder of the year.

the last time the revenue changed the trs system dramatically to the 25, 22.5, 20 and 15 percents they had a greater lead in time, this time around the banks have only had a month.

[km79]

Originally Posted by rameire

contact the revenue guys
have your pps number and ring 1890463626
try a few times as there is a msg saying please call back, but if you hang on you will get through to a person.

i spoke to a revenue member and they advised that the banks are updating their systems so that they can use a 30% trs rate
so for the time being people who are entitled to the 30% will be getting 25%
then when the banks are all sorted, everybody will be changed to the 30% and any shortfall will be paid, i assume over the remainder of the year.

the last time the revenue changed the trs system dramatically to the 25, 22.5, 20 and 15 percents they had a greater lead in time, this time around the banks have only had a month.

That would give me exactly 125 alright
.
On another point why can't revenue or the bank state on a letter what %trs you are getting ?
I always have to work it out myself or ring them. It's usually quicker to work it out myself

[dandelion4]

a bit confused on this issue - received letter in Jan 2012 re TRS and was given our total repayment amount, then today received another letter, again re change in our TRS resulting in an increase of almost €300 in our monthly repayment (large mortgage with PTSB @ 5.19% SVR) - we bought 1st house in July 2005, sold and traded up to our current house in July 2008 - called revenue and was told we on lower ceiling now, and max amount of TRS we can get in a year is €1800 - so a max of €150 relief each month... half the amount we are used to getting - is this right?

[Gareth2011]

Originally Posted by dandelion4

a bit confused on this issue - received letter in Jan 2012 re TRS and was given our total repayment amount, then today received another letter, again re change in our TRS resulting in an increase of almost €300 in our monthly repayment (large mortgage with PTSB @ 5.19% SVR) - we bought 1st house in July 2005, sold and traded up to our current house in July 2008 - called revenue and was told we on lower ceiling now, and max amount of TRS we can get in a year is €1800 - so a max of €150 relief each month... half the amount we are used to getting - is this right?

Id call PTSB about this. We spoke to 4 different people there the last time we called and they all had different stories about our issue. We finally got it clarified on the 4th person but are still awaiting paperwork to clarify what she said . I also asked one of them about our TRS and the 30%. She said I would have to call revenue (even tho its revenue who contact them and they pass it on to customer). I don't see anything in this timetable about TRS of 1800 for the year. Maybe they got it wrong? Have a look yourself. http://www.revenue.ie/en/tax/it/reli...age-rates.html

[rameire]

if you want clarity ring the revenue again
they provide the rate, so ask the rate that you are on
they provide the ceiling, so ask for the ceiling that you are on
the bank provide the date of drawdown of mortgage which gives the above info and the bank give a montly figure of how much interest will be paid in the year.
the revenue info then feeds into the mortgage systems giving you your trs payment per month.
if you ring the bank they will just give you what they can see, and sometimes what is seen is not what it actually is due to different interpretations.
1890 46 36 26

[Gareth2011]

Originally Posted by rameire

if you want clarity ring the revenue again
they provide the rate, so ask the rate that you are on
they provide the ceiling, so ask for the ceiling that you are on
the bank provide the date of drawdown of mortgage which gives the above info and the bank give a montly figure of how much interest will be paid in the year.
the revenue info then feeds into the mortgage systems giving you your trs payment per month.
if you ring the bank they will just give you what they can see, and sometimes what is seen is not what it actually is due to different interpretations.
1890 46 36 26

I called Revenue and what a waste of time. All she could tell me was that the 30% will come into effect later on in the year but didn't know when and that people in the 04-08 bracket were given a TRS of 25% for now but she couldn't work out how much i should be getting cause she didn't have stats or something.

[rameire]

ok well your ceiling is currently 3000 per person so intotal 6000.
for the year you will receive 30% so a max of 1800.
at the moment you are getting 25%, so currently a max of 125 per month
all the figures seem correct, you are in your 8th year of trs

[Gareth2011]

Originally Posted by rameire

ok well your ceiling is currently 3000 per person so intotal 6000.
for the year you will receive 30% so a max of 1800.
at the moment you are getting 25%, so currently a max of 125 per month
all the figures seem correct, you are in your 8th year of trs

Never mind .