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TRS and switching mortgage

  • 20-05-2009 9:03am
    #1
    seamus
    Registered Users, Registered Users 2 Posts: 68,190 ✭✭✭✭


    OK, just a quickie here, though I'm pretty sure I have my answer.

    I'm in a fixed rate mortgage at the moment over 35 years. The fixed rate period ends in January. I'm in the second year of the mortgage (FTB), and thus the second year of TRS. My plan is to change my mortgage (and my lender, if necessary) next January and take a 25 year mortgage.
    How will this affect TRS, if at all? By that time, I'll be on 22.5% relief - do I continue to get this relief on my mortgage, provided I stay in the same home?

    An FAQ on the revenue website says this:
    Switching lender or mortgage type to achieve a better interest rate does not equate to a new loan.
    But I'd just like to doublecheck.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

    Aye. The main thing is that it is your principal private residence. As long as you do not turn it into an investment property or second home it will not be affected if you consolidate loans or get a remortgage.

    TRS is a bit up in the air with these changes. God help us if Revenue are actually stupid enough to cut off the TRS and start requesting information. If that happens people are going to take it out on Fianna Failed at the polls and I can't see them letting that happen so you should be safe from it getting arbitrarily cut off until after June anyway.


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