Mortgage Interest Relief Query

[Kevin]

I bought a house in Monaghan almost 3 years ago and as a first time buyer am enjoying interest relief on my mortgage. I am considering moving to Dublin for a 2 year period and plan to live with a friend so won't be living in Monaghan for that period (except for the weekends). I do not want to sell the house but don't want to turn it into an investment property either as I wish to return to live there after 2 years.

My question is do I need to inform Revenue that I won't be living in the house for a 2 year period and if so will I lose my interest relief? When I go back to live in the house in 2 years time will I be able to get interest relief again and will I lose 2 years of the interest relief or will it just start again where I left off, i.e. will I enjoy the same period of time with interest relief?

Also if I did decide to sell the house and build one instead does the interest relief transfer to my new house?

Thanks to anyone who can help.

 

[CCOVICH]

From the [broken link removed]

A qualifying loan for the purpose of mortgage TRS is a secured loan, used to purchase, repair, develop or improve your sole or main residence, situated in the State.

I guess it hinges on the definition of 'main residence'.

 

[liteweight]

I don't see why you need to inform Revenue as you will still be living there weekends etc. and you will not be renting it out. I don't think the Revenue take a 'bums on seats every night' attitude to interest relief.

 

[Kevin]

Thanks CCOVICH,

The revenue site FAQ section ([broken link removed]) answers the question. Yes I can still receive interest relief even if I'm not living there full time.

I contacted the TRS Helpline on 1890 46 36 26 and they confirmed that individuals have 6 years from the time of the 1st mortgage to receive the first time buyers interest relief so I will not be able to claim this relief after 2009 period (have the mortage almost 3 years now).

There is however another lower level of interest relief after this 6 year period.