TRS Calculation for FTB and non-FTB couple?

[AlroD]

I am just hoping that soneone might be able to shed some light on what tax relief my fiance and I should be entitled to on a mortgage that we have just taken out.

Mortgage Amount: €280,000
Interest Rate: 4.8%
​

The mortgage is for a property that is going to be our principal private residence.

My fiance is a first time buyer; however, I bought an investment property 2 years ago (buy-to-let mortgage - this was never down as my PPR).

Any ideas on how our TRS will work out?

 

[ClubMan]

Assuming you are buying 50:50 then you both file your own claims for TRS and claim in respect of 50% of the total interest bill. You should both be entitled to 7 years of the preferential "FTB" relief. This applies to you too even though you previously owned an investment property.

 

[AlroD]

Thanks for the reply ClubMan. I was unsure about how it would work with me.

On the TRS Application form they ask if you have an existing home loan and the date that you took it out on. For me, do I reply "No" to this as I don't have home loan (i.e. I have an investor loan)? I don't seem to be able to clarification on this anywhere.

 

[ClubMan]

On the TRS Application form they ask if you have an existing home loan and the date that you took it out on. For me, do I reply "No" to this as I don't have home loan

Er - what do you think!?!

 

[AlroD]

Er - what do you think!?!

It's a tough call - hard to know exactly what they are looking for. I've done loads of looking but can't seem to find anything definite.

You'd think this is something that they would be more explicit about on the form. I guess I'll call them up but no doubt the answer I'll get will depend on who I am talk to!!

 

[ClubMan]

You don't have and presumably never had an owner occupier home loan therefore the answer is obvious to me. You put down "no" to the question posed.

 

[AlroD]

Sounds good. Thanks for the help!