TRS form Question

I

Istabraq1

Registered User
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This may be long winded but I would really appreciate some help!
I bought an apt from plans in April 2004. I had to pay a E15000 down payment. I drew this amount down from my mortgage to cover the cost. I closed on the apt in Dec 2005 paying the outstanding.
My first full mortgage repayment came out at the end of Jan, pror to this I had been paying approx E50 a month on the E15000 that I drew down.
On the TRS form it asks for the date of first mortgage repayment, I'm not sure what to put down to get the maximum relief.
Any advice
Regards
 
I would guess that it is when you first drawdown and are occupying the property, that would be what I would expect and not fom when you first drew down funds to fund deposit, after all mortgage really only kicks in when you have posession of the property.
 
I would include a note explaining the specifics. I guess you would be entitled to relief on the interest for 15000 from april to Dec and then full relief from jan onwards.
 
Istabraq1 said:
Anyone got any advice??
Click to expand...

Please note that the do not permit for the 'bumping' of posts.

Please be more patient in future-it's a bit much to expect an answer within one hour of posting a question.
 
Apologies for the bumping and lack of patients... just want to fill out the form today. Thanks for the advice
 
Assuming that you are a first time buyer remember that the seven year countdown commences from the drawdawn date

In addition in order to answer your query I am making the following assumptions:

Interest Rate 3%
Mortgage 250,000
You are buying this property as a single person

Amount borrowed in April 15,000 @ 3% interest to dec = 300
If this is used you will only get interest relief of 300 @ 20% = 60 and the seven year ends on 2011

However if you wait until Jan 2006 as your first repaymment date

Interest @ 3% 7,500 - Max for a single person is 4,000 @ 20% = 800 (8,000 for a couple @ 20%)

You can claim this 800 in interest relief for seven years i.e till 2012.
as against the 2540 @ 20% = 508 (max allowed after this date)

Hope this makes sense.
 
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