House sale implications: FTB grant, interest relief?

At present i have a 3 bed semi, bought three and a half years ago. Claimed first time buyers grant. 150,000 left on this mortgage
I also have bought another house which is under contruction and will be completed next year. Paying stage payments on new mortgage.
When the new house is complete plan to sell 3 bed semi.
My questions are:
1) Will i have to repay first time buyers grant..i heard that you had to hold onto the house for a certain length of time before you can sell.
2) I'm getting tax relief on first mortgage, am i entitled to claim for the interest i'm paying on new mortgage?
3) What interest relief am i entitled once i change to my new house...is this reduced?
4) My family gave me the amount needed for the new mortgage (8%) so that i could hold on to present house. when i sell this house, plan to reimburse family account with the 8 % from the sale...would i be liable to pay tax on this or should i pay it off the mortgage and then up my mortgage and give the balance to my family?

johnnyg said:

1) Will i have to repay first time buyers grant..i heard that you had to hold onto the house for a certain length of time before you can sell.

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No.

2) I'm getting tax relief on first mortgage, am i entitled to claim for the interest i'm paying on new mortgage?

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Not while you are claiming owner occupier mortgage interest relief on your existing PPR mortgage.

3) What interest relief am i entitled once i change to my new house...is this reduced?

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Yes - the relief for first time buyers in the first seven years of the mortgage are higher than for non first time buyers. Since you will be a non first time buyer of the new house that is being built the maximum relief that you can claim will be reduced. See [broken link removed]. For first time buyers in the first seven years of the mortgage the maximum relief is worth €66.67 per month per individual. For first time buyers past year seven of their mortgage or for non first time buyers the figure is €42.33. This relief is obviously granted at source by the lender once you have [broken link removed] for it.

4) My family gave me the amount needed for the new mortgage (8%) so that i could hold on to present house. when i sell this house, plan to reimburse family account with the 8 % from the sale...would i be liable to pay tax on this or should i pay it off the mortgage and then up my mortgage and give the balance to my family?

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I don't think that there are any tax implications here for you or your family.

Thanks Clubman...just wasn't sure and wanted to clarify..