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Mortgage Interest Relief

  • 11-12-2009 10:46am
    #1
    PB1982
    Registered Users, Registered Users 2 Posts: 64 ✭✭


    A client of my firms is convinced every time he buys a new house he is entitled to a full 7 years relief but my manager said it's 7 years in total no matter how many times you move house. Below is the paragraph from the revenue website that is convincing the client.

    "Switching lender or mortgage type to achieve a better interest rate does not equate to a new loan. However, moving home and taking out a new mortgage for this home with a new or existing lender is eligible for relief for 7 years from the date of first payment on the new home loan"

    Can anybody clarify what you are entitled to?

    Thank you in advance.


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    I always believed it was 7 years in total no matter how many times you moved house.


  • #3
    jungleboy
    Closed Accounts Posts: 55 ✭✭jungleboy


    I thnik you client is correct, If not then it would only apply to first time buyers which is not the case.


  • #4
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    jungleboy wrote: »
    I thnik you client is correct, If not then it would only apply to first time buyers which is not the case.

    Not 100% sure, but I think you may be right. Similarly if you get an extension to your existing house I think you get 7 years on the top up loan as well.


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