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Did you switch mortgage after 2008? You are not entitled to 30% mortgage relief!

  • 20-04-2012 11:52AM
    #1
    girl24
    Closed Accounts Posts: 118 ✭✭


    I'm not sure if there are many people affected by this but want to get this information out there and see if anyone else in same boat. I think alot of people are not aware because the new relief was only being applied from around April onwards. The government made a big deal in the budget about how they introduced this 30% mortgage Interest relief for people who bought in the boom years. I bought in 2006 and switched my mortgage in early 2009 and because of this I'm not entitled to the extra relief. It is only for mortgages up to 31/12/2008. I recently emailed a local td about this and he was not even aware of this point and is to come back to me about it.
    When I queried this with the tax office they said it didn't matter when I bought the property, they only look at the fact the mortgage is from 2009, It doesn't take into account it's a switched mortgage from a property bought in 2006!
    Typical of the government to bring a one rule fits all policy.


Comments

  • #2
    astrofool
    Registered Users, Registered Users 2, Paid Member Posts: 17,875 ✭✭✭✭astrofool


    It was fairly clear to me when it was announced.

    I mean, the reason this is brought in is for people who are now unable to re-mortgage due to negative equity, thus, if you could re-mortgage, this extra benefit shouldn't need to apply (presuming you were borrowing within your means during a recession in 2009).


  • #3
    girl24
    Closed Accounts Posts: 118 ✭✭girl24


    I am in negative equity of over 100k but at the time in early 09 I was not or I would not have been able to move my mortgage, it was a few months after that when property prices really started to fall. I switched the existing amount on the mortgage to another bank who were offering a better rate at that time. I did not remortgage for a higher value, simply transferred the amount I already had in the aim to get a better rate. So I am not in a better position than anyone else, I still live in the same property I bought in 2006 and owe the same value and in negative equity like others who bought the same time as me.


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