Length of TRS

Hi,
I got mortgage interest relief (TRS) for 2 years .I went to go travelling for a year and revenue cut this off as I was a non resident but said I could reclaim it when I got back. I believe this lasts 7 years but is this from when you purchase the property (in which case I would have 4 years left) or do you get a total of 7 years ?
Thanks in advance for replies
Colin

Owner occupiers can claim mortgage interest tax relief as long as they are paying mortgage interest. I presume you're referring specifically to the initial "first time buyer" period of preferential relief which lasts 7 years? If so then if you have claimed 2 years of this then you can still claim the other 5 years before going on non "first time buyer" relief rates. Note that the name/term "first time buyer" here is a bit of a misnomer as the preferential relief applies even if you change mortgages or buy another principal private residence.

Interesting, I didn't realise that. Does anyone know what happens in the following situation:
House bought 3 years ago, and sold 6 months ago. Received 'first time buyer' TRS for the duration of mortgage. Now renting with no intention on buying for at least 12-18 months.
When I do get another mortgage, will I still be entitled to 4.5 years 'first time buyer' TRS, or do I lose the time that I did not have a mortgage for?

Thanks for any feedback!

Chris said:

When I do get another mortgage, will I still be entitled to 4.5 years 'first time buyer' TRS

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Yes - assuming, obviously, that you are an owner occupier.

So, does TRS rate change after 7 years?

No. But the maximum amount of interest that qualifies for relief at standard rate drops. See www.revenue.ie.