Buying a house, should I close deal in end of Dec or early Jan?

[lll1981]

Going to buy a house soon, deposit paid already.
Wondering should I close the deal in end of Dec or early Jan? The mortgage tax relief is calculate from the day cheque is issued or the day mortgage payment start?

 

[newirishman]

TRS is based on calendar year, I think from the day mortgage is drawn down.
I would hence recommend early Jan.

see revenue website on TRS for details: http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

 

[Brendan Burgess]

A bigger issue has been raised here which is the potential abolition of stamp duty. Obviously, this applies only if you are liable to stamp duty.

 

[lll1981]

Thanks for your replies

 

[Wonderfish]

In the same boat on this question, basically wondering if it is financially worthwhile in delaying signing the contracts until Jan.

Not sure how to calculate what the overall extra costs of signing in dec would be as against Jan 2011.

Some details - Mortage is €285,200, interest rate fixed at 3.85% for 3yrs

Any advice appreciated

 

[Minigogo]

See their is a bit of a push closing houses before the budget " not sure why" but maybe you should ask your solicitor.