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Mortgage Interest Relief-Switched Mortgage

  • 11-02-2016 6:31pm
    #1
    Time2GetFit
    Registered Users, Registered Users 2 Posts: 75 ✭✭


    Hi,

    We purchased our property in early 2010 and due to offers in the market we switched mortgage provider in November 2015.

    We had been claiming mortgage interest relief while with our previous lender and my understanding is that mortgage interest relief lasted for 7 years. I'm now being told that because we switched mortgage (still in same property) we no longer qualify for mortgage interest relief as it effectively doesn't exist anymore. I have queried this with the bank and they are checking it out their end but they said they are '99% sure'.

    Is this true? It was something we never considered and if it is it will certainly negate any small benefits we achieved as a result of switching. Maybe we were v naive but just wasn't on the radar!

    Thanks in advance for any info!


Comments

  • #2
    irishguy
    Registered Users, Registered Users 2 Posts: 3,304 ✭✭✭irishguy


    Time2GetFit wrote: »
    Hi,

    We purchased our property in early 2010 and due to offers in the market we switched mortgage provider in November 2015.

    We had been claiming mortgage interest relief while with our previous lender and my understanding is that mortgage interest relief lasted for 7 years. I'm now being told that because we switched mortgage (still in same property) we no longer qualify for mortgage interest relief as it effectively doesn't exist anymore. I have queried this with the bank and they are checking it out their end but they said they are '99% sure'.

    Is this true? It was something we never considered and if it is it will certainly negate any small benefits we achieved as a result of switching. Maybe we were v naive but just wasn't on the radar!

    Thanks in advance for any info!

    Its lies I have switched mortgage twice and kept it. Fill out the form on this site
    http://www.revenue.ie/en/online/mortgage-interest-relief.html

    And wait 3-4 months


  • #3
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    ive switched mortgages and my tax relief wasn't affected...that being said i switched before they got rid of it so they could be right! From Revenue.ie....

    What is the position if I take out a loan in 2013 or later?

    Home Loans taken out in 2013 or later do not qualify for mortgage interest relief. Tax relief is available in respect of interest paid on a qualifying loan, taken out on or after 1 January 2004 and on or before 31 December 2012, which was used to purchase, repair or improve a qualifying residence. Taken out prior to 31 December 2012 means that the loan has been drawn down and used by you on the qualifying residence (e.g. purchase of site plus building costs) before that date.


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