New mortgage - What TRS i'm i entitled to?

S

Stevo2006

Registered User
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142
Hi,

Having built my house 2 1/2 years ago, we just recently remortgaged to finance some improvements and pay off existing loans.

Now my question is - are we still entitled to the 1st time buyers intrest relief as effectively it is still the same house that we are living in or is this classed as our second house if you like, as we now have taken a second mortgage and thus ruling us out of the top rate of relief? .

I know that we can't claim for the amount that went to pay off the loans.
 
You are still entitled to FTB relief for the remainder of your 7 year period.
 
Just on a similar point. I took out a loan to buy my apartment last year for around 120k. For some reason it is split into 2 loans 50+70 but all money has been used to pay for the house. I think theres a two week difference in the drawdown dates. Can i claim Tax relief on both loans or just one. It hasn't been set up at source yet so i was gonna claim it on the total in my tax return.

Help any suggestions or guidance would really be appreciated.
 
You can claim owner occupier mortgage interest tax relief up to the normal limits (e.g. €4K p.a. for a single FTB) on any loan(s) used to purchase/renovate a PPR (not just a mortgage for example). The normal situation is for an owner occupier to have a single mortgage loan on which the relief is granted at source but in more complicated situations you should be able to get your full relief by contacting Revenue and/or your lender(s).
 
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