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Mortage Interest Relief - Question

  • 08-02-2012 6:13pm
    #1
    Tidyweb
    Registered Users, Registered Users 2 Posts: 402 ✭✭


    If you are married and one person had a previous mortage and is not a 1st time buyer and the other person is a 1st time buyer.

    Are you both seen as not being 1st time buyers or do you get half.


    Anyone know?




    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.


Comments

  • #2
    Daxve
    Registered Users, Registered Users 2 Posts: 164 ✭✭Daxve


    You do not lose your first time buyer status for TRS if you buy with a non first time buyer spouse that only applies to stamp duty.

    The first time buyer is entitled to half the married first time buyers rate (€20,000/2) and the non first time buyer is entitled to to half the married non first time buyer rate (€6,000/2) or effectively they are treated like 2 single people as its the same difference.

    The first time buyer is entitled to a max interest ceiling of €10,000 for the first 7 years the non first time buyer is entitled to a max ceiling of €3,000 assuming they have held previous mortgages for more than 7 years.

    The change to 30% TRS relief was enacted today but will not show up for most peoples repayments until April. TRS will cease to exist at all after 2017.


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