mortgage Interest Relief - when I can apply

sokol7998

does anyone know an answer :
house is not ready yet, I was told by builders they will try to finish it before this year ends. I have approval of principal from bank and first valuation done , in order to apply for Relief, I can have the cheque issued in December and pay first repayment in January 2013? or I can only apply for Relief after first repayment applies?thanks in advance

ShiverinEskimo

The revenue site says the following:

http://www.revenue.ie/en/online/mortgage-interest-relief.html wrote:

You should not apply to register your mortgage until after the date of your first mortgage repayment.

I'm just after starting my self-build and was about to draw down our first amount. My mortgage broker just called me to say we need to draw down as much as possible before December 31st as mortgage interest relief will only apply on what was drawn down prior to this date - which is a major shifting of the goal posts by the Revenue.

He also mentioned that we need to have paid a repayment prior to Dec 31st to qualify for anything. He is awaiting more information from the bank and supposedly his contact in the bank is surprised at this move by the revenue aswell - previously it was worked on the full amount as long as the mortgage was "taken out" and a repayment made prior to Dec 31st as per the Revenue's own information on revenue.ie.

I've emailed the revenue for clarification on both points - if/when I receive a reply I'll post up what I can.

sokol7998

ShiverinEskimo wrote: »

The revenue site says the following:



I'm just after starting my self-build and was about to draw down our first amount. My mortgage broker just called me to say we need to draw down as much as possible before December 31st as mortgage interest relief will only apply on what was drawn down prior to this date - which is a major shifting of the goal posts by the Revenue.

He also mentioned that we need to have paid a repayment prior to Dec 31st to qualify for anything. He is awaiting more information from the bank and supposedly his contact in the bank is surprised at this move by the revenue aswell - previously it was worked on the full amount as long as the mortgage was "taken out" and a repayment made prior to Dec 31st as per the Revenue's own information on revenue.ie.

I've emailed the revenue for clarification on both points - if/when I receive a reply I'll post up what I can.

thanks for this, I wonder how does it look...