Another MIR/TRS Budget 2009 Question

K

kneelo

Registered User
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First of all, apologies for yet another question on MIR/TRS, it's seems there's so much info on this site and others but from what i read most of it's conflicting and confusing.

My own scenario, I bought a house in Oct2003, received mortgage interest relief until Jan 2009, so 5 years + some. I'm just about to buy another house with my fiancee, have mortgage aproval already, will draw down on it next week.

According to http://www.citizensinformation.ie/categories/housing/owning-a-home/buying-a-home/mortgage_interest_relief

Non-first time buyers
From 1 January 2009, mortgage interest relief is 15% if you are not a first time buyer. The relief is subject to upper limits, depending on your personal situation. From 1 May 2009 you will not get tax relief after year 7 of your mortgage.
Click to expand...

This suggests to me that the seven years limit is reset now that I have a new mortgage on a different property, I just don't get the FTB rate of interest relief. But I've been reading on other threads that the seven years carries over to subsequent mortgages.

I'd appreciate if someone could clarify,

Thanks in advance,

Neil
 
Seen as you only got 5 years on your FTB's mortgage, you should have another 2 years to get as a FTB from the first mortgage. Then you should continue to get 5 years after those 2 years making up your 7 years on the new mortgage.
 
kneelo said:
First of all, apologies for yet another question on MIR/TRS, it's seems there's so much info on this site and others but from what i read most of it's conflicting and confusing.

My own scenario, I bought a house in Oct2003, received mortgage interest relief until Jan 2009, so 5 years + some. I'm just about to buy another house with my fiancee, have mortgage aproval already, will draw down on it next week.

According to http://www.citizensinformation.ie/c...a-home/buying-a-home/mortgage_interest_relief



This suggests to me that the seven years limit is reset now that I have a new mortgage on a different property, I just don't get the FTB rate of interest relief. But I've been reading on other threads that the seven years carries over to subsequent mortgages.

I'd appreciate if someone could clarify,

Thanks in advance,

Neil
Click to expand...

2003 yr 1
2004 yr 2
2005 yr 3
2006 yr 4
2007 yr 5
2008 yr 6
2009 yr 7

so you will continue to receive trs at 20% for the rest of this year
and then from next year for 6 years you will receive trs at 15% of ceiling or interest
 
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