Mortgage Interest Relief cutoff

[tronman]

I'm drawing down a mortgage in December but I'm not sure whether getting the current full rate of Mortgage Interest relief is dependent on drawing down the mortgage before December 31st or making the first mortgage re-payment before then? Would anyone know?

 

[stefg]

Hi tronman,

See this thread http://www.askaboutmoney.com/showthread.php?t=162369

 

[David€advice]

I'm drawing down a mortgage in December but I'm not sure whether getting the current full rate of Mortgage Interest relief is dependent on drawing down the mortgage before December 31st or making the first mortgage re-payment before then? Would anyone know?

Once you mortgage is issued in December, you will qualify in this years Tax Relief year - you only need to pay interest for one day in 2011 to qualify - even if your first payment is in Jan 2012. However, as the revenue go on a calender year, you will only have 6 years for the relief period.
E.g. mortgage issued 15th Dec - you can claim relief from 15-31st Dec 2011 (year 1), then fully each year until end 2017.