Mortgage payment taken early and TRS

Hi there,

I have two queries resulting from my mortgage payment this month.

My mortgage is a legacy Nationwide loan and is currently with Shoreline and managed by Pepper finance. Monthly payments are due on the 10th of the month - which in January falls on a Sunday. Today is the 8th, and my mortgage payment is gone from my account. I've gone back over bank statements for the last 2 years, and every time the mortgage was due over the weekend, its always come out the next working day.

Am I in a position to make a complaint about this? The money was there to meet it, but there is rental income from my tenant due on Monday and its now left me short.

Secondly - my TRS has expired this month - however I received no correspondence from either the finance company, nor the revenue. Am I expected to just 'know' that my mortgage from now on will cost me more?

I would have thought that I would have received written confirmation from the finance company at the very least to say that they are taking additional funds from my account every month from here on in.

Thanks a lot.
YMCK

I don't understand how your TRS could have expired this month. If you started paying the mortgage in 2003 or earlier, your entitlement expired in 2009. For a mortgage taken out between 1 January 2004 and 31 December 2012, your entitlement to relief will continue until the end of 2017.

Well I was actually confused as well but I took out the mortgage in 2006 and I had thought TRS was only supposed to be for 7 years which meant it should have expired a few years ago but I received it all last year and not this month, so I presumed it had expired.
Is the 7 year entitlement incorrect? Or can I still avail of it?

Originally it was. Mortgage interest relief has now been discontinued (so no-one getting a mortgage now gets any) but they made a specific provision in the legislation for people who purchased their home between 2004 and 2012 extending their relief to the end of 2017 and increasing the amount of relief to 30%.

http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html

However - that was supposed to be on your PPR - if you are not living in the property (as you mention receiving rent I'm guessing that is a possibility) then you actually have a liability to Revenue for the relief you have received on the rental property.

If you started paying your mortgage in 2006, your entitlement to relief continues to the end of 2017. However, after year 7, the rates of relief are those that apply to non-first time buyers.*

I'm obviously assuming that the mortgage is a qualifying home loan (i.e. that it was used to purchase, develop, improve or repair your main or sole residence).

* Subject to the exception outlined in so-crates' post for FTBs between 2004 and 2008.

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