Mortgage interest relief on 2nd home

D

deedee80

Registered User
Messages
441
Hi there,

I bought my first home in September 06 and then moved house in July 07. I have applied for my tax relief on the new house and am waiting for it to be processed but I was wondering will i still get the same rate I did as a ftb. I had heard that you can be a ftb for 7 years when it comes to tax relief whether you move house or not but was not sure if this was true or not. Hope someone can help. I did a search but could not find anything.

Many thanks,

Deedee80
 
deedee80 said:
I had heard that you can be a ftb for 7 years when it comes to tax relief whether you move house or not but was not sure if this was true or not.
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That is correct. If you were a FTB in September 2006 then you have 7 years of preferential FTB rates of relief from that date regardless of whether your switch houses or mortgages etc. Obviously you cannot claim owner occupier mortgage interest relief on two properties at the same time.
 

I am in a similar situation, except I am not selling my first house. So I will have 2 houses. Can I claim FTB rate of relief in my new (primary) residence?

Thanks.
 
WhatsGoingOn said:
Can I claim FTB rate of relief in my new (primary) residence?
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Yes. But obviously not on the former PPR. If you are renting out the former PPR then you can offset interest on any outstanding loans used to purchase/renovate it against rental income. Bear in mind that if you rent the former PPR within 5 years of original purchase as an owner occupier then a clawback of stamp duty is triggered.
 
I sold my first house as a first time buyer in June 2006 and both my current house. Both were my principal private residences. By buying my current house, do I lose my first time buyer status on buying it as such am I still entitled to my double interest mortgage relief. If so how do i check and apply for it
 

Yep, I am aware of the stamp duty implications.
Thanks for your help Clubman.
 
rsa17 said:
I sold my first house as a first time buyer in June 2006 and both my current house. Both were my principal private residences.
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They cannot both be your PPR at the same time. You can only have one PPR at any time.
By buying my current house, do I lose my first time buyer status on buying it as such am I still entitled to my double interest mortgage relief.
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You don't lose your entitlement to the remainder of your 7 year preferential FTB relief period.
If so how do i check and apply for it
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Check with Revenue and your lender and rectify matters if you are not getting the appropriate relief or either party does not have up to date information on your situation. Obviously you can only claim the relief on your PPR and only one of the properties can fit that bill.
 
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