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Recommence Mortgage Interest Relief

  • 13-07-2009 6:39pm
    #1
    donnacha
    Registered Users, Registered Users 2 Posts: 2,272 ✭✭✭


    I'd be interested to know how many people have still not had their mortgage interest relief recommence after filling in the online application as requested by the revenue? The mortgage is in my and my wifes name. We only received 1 letter from the revenue - against my wifes PPSN - and she filled in the form but haven't heard anything back since. Perhaps everyone is in the same situation but it would be good to know if other boards members are stuck in the same loop.


Comments

  • #2
    loyatemu
    Registered Users, Registered Users 2 Posts: 15,331 ✭✭✭✭loyatemu


    I filled in the form a couple of weeks ago - have heard nothing since.


  • #3
    donnacha
    Registered Users, Registered Users 2 Posts: 2,272 ✭✭✭donnacha


    I actually managed to get through to the enquiries number in the revenue and they confirmed they have notified by mortgage provider to recommence the relief on my top up loan.

    Interestingly the original mortgage that I took out in August 2002 will not be recommenced for the final 3 months of interest relief payments that I felt I was due.

    I won't be signficantly out of pocket but it raises a serious question and all first time buyers should consider it. The year you take out your mortgage is considered the 1st year by the revenue - it has no relation to the month in the year. This means that those that take out a mortgage in January get that whole year in interest relief paid, however those that take their mortgage out in Dec only have 1 mth relief for year 1.


  • #4
    PrideandLuna
    Registered Users, Registered Users 2 Posts: 46 ✭PrideandLuna


    donnacha wrote: »
    The year you take out your mortgage is considered the 1st year by the revenue - it has no relation to the month in the year. This means that those that take out a mortgage in January get that whole year in interest relief paid, however those that take their mortgage out in Dec only have 1 mth relief for year 1.

    Thats not fair! We bought our house in June so that means we are down 6months TRS.....:mad:


  • #5
    astrofool
    Registered Users, Registered Users 2 Posts: 17,165 ✭✭✭✭astrofool


    it depends on how much interest you pay, i.e. if you pay 10,000/20,000 in the 6 months. But yes, tax is annual, not per month.


  • #6
    scorpion05
    Registered Users, Registered Users 2 Posts: 15 ✭scorpion05


    only heard recently that you have to request recommencement of your TRS from the Revenue website. https://www.revenue.ie/trs/recommence.jsp . when I called revenue on 1890 463 626 they said they process all requests in one monthly run on the 8th of every month. when the mortgage provider receives the file they have 4 weeks to implement. for myself i submitted recommencement on 14th July. Revenue will submit my details in the next run on 8th August so i should see the TRS in Sept/Oct. They also confirmed that the TRS is back dated to when the Govt. removed it. Anyway hope this info. helps


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