Mortgage Interest relief

napapa

Hi all,
I've just bought a house (first time buyer) and mortgage was drawn down yesterday by solicitor. Can someone tell me if mortgage interest relief is worked out on calender year (meaning I only have 1 month of relief for year 1) or from day mortgage is drawn down (Year 1 will be Nov '09 to Nov '10).

Cheers in advance.

jeckle

Year 1 for you is 2009 (As in Jan-Dec 2009). You will get TRS for whatever interest you pay (assuming you haven't paid over your ceiling!) between now & 31st December @ 25% until the end of this year.

Year 2 for you will start January 1st 2010.

Year 7 for you will be January - December 2015.

So, Starting Jan 2016 you will no longer be entitled to TRS.

none

jeckle wrote: »

Year 1 for you is 2009 (As in Jan-Dec 2009). You will get TRS for whatever interest you pay (assuming you haven't paid over your ceiling!) between now & 31st December @ 25% until the end of this year.

Year 2 for you will start January 1st 2010.

Year 7 for you will be January - December 2015.

So, Starting Jan 2016 you will no longer be entitled to TRS.

Is it really the case? Seems overly unfair, to be honest. Like a legal loophole in favour of the State (as opposed to most other loopholes exploited against the State).

veryangryman

none wrote: »

Is it really the case? Seems overly unfair, to be honest. Like a legal loophole in favour of the State (as opposed to most other loopholes exploited against the State).

Fraid so mate. I rang them earlier this year to check same

napapa

cheers for the bad news!:(

crossmolinalad

Start in jan 2010 and forget those two months
Bought a house in 0ct 2006 didnt apply for relief untill may this year
started filling in from jan 2007 on advice of my accountant
but it takes a long time before i get it
already waiting for 6 months of their repayments

napapa

is this possible? when filling application form on revenue website, they ask when you paid first mortgage payment.