took mortgage out Dec'02 TRS taken from me is this correct?

H

hogg

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Hi
I noticed my mortgage went up this month so I checked my mortgage details last night, I drew down my mortgage in Dec 2002 and paid a part payment for that month then in January '03 I started paying my mortgage in full, so I assumed that I would continue getting TRS until the end of this year.
I phoned TRS helpline and they said as I got my mortgage in '02 (doesn't matter what month) TRS should be finished in '08, does that sound correct?
H
 
This increased limit for first time buyers applies for a period of 7 years from the beginning of the tax year in which the mortgage was claimed for the first time. Therefore your 7 years runs out at the end of 2008.
 
I think TRS applies to the tax year you take the mortgage out plus 6 years thereafter. So your entitlement to FTB TRS ends at the end of 2008. It's unfortunate for you the way the mortgage drawdown worked - if your first payment was made on Jan 1 2003, then you'd have TRS for this year too.
 
I read in the newspaper earlier this week that this is still not finalised and that there is some confusion. There may be some backpayments etc. It was in the Irish Independent. Not sure anyone knows what's really happening in terms of the 7 years...
 
Sorry - I meant FTB TRS, which hasn't changed due to the budgets.

I'm not sure how the 7-year general rule works.
 
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