How to handle mortgage protection and TRS when switching?

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Eloise4ever

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We are finally getting around to switching our mortgage (currently with BOI and looking at switching to EBS, <50% LTV) and just wondering how to deal with mortgage protection and tax relief on the new mortgage. Is it as simple as contacting the insurance company and asking them to transfer the interest in our existing policy from BOI to EBS? We don’t want to go to the hassle of taking out a new policy. Will TRS automatically transfer to the new mortgage or will we have to apply for it?


Would be grateful for any advice on this from those who have gone through a switch recently.
 
Insurance - your current insurer will transfer the interest to EBS, but only after the BOI mortgage is paid off, so make sure EBS are happy with this (they should accept an assurance from your solicitor).

TRS - you have to contact Revenue with the new mortgage account number - you can do this on their website.
 
shweeney said:
Insurance - your current insurer will transfer the interest to EBS, but only after the BOI mortgage is paid off, so make sure EBS are happy with this (they should accept an assurance from your solicitor).

TRS - you have to contact Revenue with the new mortgage account number - you can do this on their website.
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Thanks for this information. I hope EBS will be ok with not having mortgage protection assigned to them in place at drawdown.

Paul driscoll said:
Out of interest what interest rate are u getting from ebs..
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I haven't contacted EBS yet, I'm just doing all the necessary research in advance to make sure the process goes as smoothly and quickly as possible.
 
Hi @shweeney
I read that mortgage interest relief doesn't apply for mortgages taken out after Dec 31st 2012.
I took mine out in 2011 with PTSB and currently get EUR75 a month relief.
I am looking at switching to BoI at the moment - if I switch is it considered a new mortgage so I'll lose the mortgage interest relief?
Thanks
 
Doob said:
I am looking at switching to BoI at the moment - if I switch is it considered a new mortgage so I'll lose the mortgage interest relief?
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No - Revenue does not consider switching lender or mortgage type to achieve a better interest rate to be the same as taking out a new mortgage for this purpose.
 
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