Mortgage Interest Relief gone

D

decembersal

Registered User
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The EBS has written to me saying that I no longer qualify for mortgage interest relief and correspondingly revised mortgage repayments up.

However, last year I checked with a TD who wrote back with this:

Extract from the Department of Finance's website
Extension of Mortgage Interest Relief for qualifying loans whose entitlement to mortgage interest relief ends in 2010 or after to continue to qualify for relief at the applicable rate up to end 2017. Qualifying loans taken out before 31 December 2011 will continue to get relief at current rates until end 2017. Transitional measures are provided for qualifying loans taken out after December 2011 and end-2012 where relief will be provided at reduced rates and duration. Mortgage interest relief will be abolished entirely for the tax year 2018 and subsequent years.

Based on this extract I presumed I would still qualify? Does anyone have any insights please/ been through this?

Thanks
DS
 
When did you take our your mortgage ?
Here is another few extracts from www.revenue.ie

"Mortgages taken out from 1st January 2004 to 31st December 2011, subject to qualifying mortgage criteria, are eligible for mortgage interest relief until 31st December 2017"

"Mortgages taken out prior to 1st January 2004 are no longer eligible for mortgage interest relief."
 
decembersal said:
However, last year I checked with a TD who wrote back with this:

Extract from the Department of Finance's website
Extension of Mortgage Interest Relief for qualifying loans whose entitlement to mortgage interest relief ends in 2010 or after to continue to qualify for relief at the applicable rate up to end 2017. Qualifying loans taken out before 31 December 2011 will continue to get relief at current rates until end 2017. Transitional measures are provided for qualifying loans taken out after December 2011 and end-2012 where relief will be provided at reduced rates and duration. Mortgage interest relief will be abolished entirely for the tax year 2018 and subsequent years.

Based on this extract I presumed I would still qualify? Does anyone have any insights please/ been through this?

Thanks
DS
Click to expand...

TD's - what a waste of space !
 
decembersal said:
Missed out by 30 days...:mad:

thank you for helping me answer my query.
Click to expand...

Dont know if this is any help or if i've mis understood but I took my mortgage out a few years back drawn down around 20days before 31st December but my first payment wasnt until February the following year, I received €80 approx (cant rem exact) for the 20days which they classed as Year 1.
So I rang TRS Dept to argue that the 20 day period wasnt year 1 as I was not actually paying mortgage and they amended my year 1 TRS starting from date of first payment i.e February the following year, I had to repay the €80euro, if your only out by 30days is there any chance that same situation would apply to you.
 
irishlinks said:
TD's - what a waste of space !
Click to expand...
What I fail to understand is why the OP went to the TD for information that was easily available on the interweb. The TD (office assistant most likely) probably answered as he could but is that really his job?

Ultimately we're paying for TDs to keep a constituency office from which he can collate answers to random constituent questions.

How many pigs can I get in a barrell? What's the capital of Mongolia? Who won the eurovision in 1987?

Unless his office is the only one in town web access I don't see the merit in this.
 
Janey Howitzer, the correspondence from the TD was literally just after the budget last year when there was very little info on the ground and to be fair they emailed straight back....it's only now that my mortgage interest relief stopped and that's why I'm checking it out.
 
decembersal said:
Janey Howitzer, the correspondence from the TD was literally just after the budget last year when there was very little info on the ground and to be fair they emailed straight back....it's only now that my mortgage interest relief stopped and that's why I'm checking it out.
Click to expand...

Dont understand why you used a TD. Would have made more sense to get the information from the horses mouth i.e. ask Revenue.
 
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