Mortgage Interest Tax Relief

M

mouse1

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I thought this was ending, but I see today that this is being extended to 2020.

I took out my mortgage in 2007 and am about to switch to EBS from PTSB. Am I entitled to MIRAS - if so is this automatic or do I need to reapply? Or do I lose this by switching the mortgage?
 
Sarenco said:
No, you will continue to be eligible for MIR - Revenue does not consider it to be a new loan for the purposes of this relief.
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OK thanks, I guess i will just reapply once I start paying my new mortgage.
 
MIR started back in 2003 and is now destined to run until at least 2020.
I can't see any Govt ending this before 2032 (20 years after last mortgage was rawn down in 2012).

Once a relief/tax break is brought in here, it just won't go away!
 
I after many years of saving finally bought my first home in February 2014. Because I did not purchase the house before the 31st of December 2014 I was liable to pay the property tax. If you remember there was an ease on property tax for buyers that bought at this time – I believe this was due to us not be able to avail of the mortgage relief.



My question is what about the people that bought post the 31st of December 2012. We get no relief at all.



For a mortgage taken out between 1 January 2004 and 31 December 2012, your entitlement to relief will continue until the end of 2020.



Mortgages taken out after 31 December 2012 do not qualify for mortgage interest relief and as I said above because I bought in 2014 I also lose out on the exception of property tax.



their seems to be a gap here or am I wrong? In my opinion I feel like I am been discriminated for purchasing my house when I did. I know I did not buy in the boom, but I did buy and I have a crazy variable rate to pay each month.
 
Toshsmith said:
I after many years of saving finally bought my first home in February 2014. Because I did not purchase the house before the 31st of December 2014 I was liable to pay the property tax. If you remember there was an ease on property tax for buyers that bought at this time – I believe this was due to us not be able to avail of the mortgage relief.



My question is what about the people that bought post the 31st of December 2012. We get no relief at all.



For a mortgage taken out between 1 January 2004 and 31 December 2012, your entitlement to relief will continue until the end of 2020.



Mortgages taken out after 31 December 2012 do not qualify for mortgage interest relief and as I said above because I bought in 2014 I also lose out on the exception of property tax.



their seems to be a gap here or am I wrong? In my opinion I feel like I am been discriminated for purchasing my house when I did. I know I did not buy in the boom, but I did buy and I have a crazy variable rate to pay each month.
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House prices were a lot lower in 2013/14 than they were in 2007/08, so you are paying less interest than people that bought in the boom.
 
there was only a by word to say its extended to 2020.
the details of this extension will come in next years budget.
so until then we do not know if it will change to take into account older or newer accounts.
until then its all speculation.
 
im in the same boat as Toshsmith. I bought in Feb 2015 and so don't get to avail of the relief which I think is unfair. Could they not extend it by a few years ie for mortgages drawndown up to july 2016 which is the date that 1st time buyers can avail of their new rebate? If mortgage was drawndown between end of 2012 and middle of 2016 there doesn't seem to be any reliefs.

There is an unfair gap here that should be addressed.
 
I can't believe the government is still willing to pay me €40 a month for a further three years under this scheme. This was an FF election promise but as far as I can see there was no real public pressure to keep this going. There are a lot fewer houses in negative equity than say five years ago. The money could have been used elsewhere and the tax relief killed off once and for all.
 
Does anyone know if mortgage interest relief is transferrable on a negative equity movers mortgage ? Has anyone gone through this scenario recently and is it considered a brand new mortgage with loss of MIR ? Thanks.
 
MajorTom said:
Does anyone know if mortgage interest relief is transferrable on a negative equity movers mortgage ? Has anyone gone through this scenario recently and is it considered a brand new mortgage with loss of MIR ? Thanks.
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Yes, that's considered a new loan, secured on a different property. No MIR available.
 
Gushering said:
I can't believe the government is still willing to pay me €40 a month for a further three years under this scheme. This was an FF election promise but as far as I can see there was no real public pressure to keep this going. There are a lot fewer houses in negative equity than say five years ago. The money could have been used elsewhere and the tax relief killed off once and for all.
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Absolutely correct Gushering. Apparently the relief is being extended to help "hard pressed families" but in reality its been extended to help anyone that drew down a mortgage between 2004 and 2012 and its a very generous helping hand to all of those people regardless of whether hey are hard pressed or not! It would be interesting to probe this relief a bit deeper to really understand why it has been extended.
 
Correct me if i am am wrong but i thought a high % of the people that bought between 07/08 are on a tracker??
 
I don't know if its a high % or not Toshsmith but certainly many people did avail of that product offered by banks. with respect though, what point are you making?
 

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