TRS gone up?

S

shkyler

Registered User
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Just wanted to ask this before ringing the bank. Has the TRS rate gone down after the budget or up? Our mortgage has gone up for some reason - on fixed rate so its not the interest but says its due to the Tax relief. I thought that we should pay less from the new budget am I wrong?
 
TRS for those in the "FTB" 7 year preferential relief period of their mortgage went up.

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What are the details of your mortgage - start date, original amount, remaining amount, rate etc.? Have you just entered year 8 of your mortgage by any chance?
 
Perhaps you (either or both) have reduce the capital on the mortgage to the extent that your interest bill for 2008 will be below the relevant relief cap so you no longer qualify for the maximum relief? As above - more details needed.
 
No nothing changed at all and only into 2nd year of first time buyer period. Very starnge will ring tomorrow me thinks!
 
shkyler said:
Just wanted to ask this before ringing the bank.
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Will the bank tell you anything? In my experience the bank will just say that's what revenue tell them to do. You are probably better off ringing the TRS section of revenue.
 
If there is a reasonable explanation the you will probably get one here if you just post some figures as I keep saying...
 
Something similar happened to me as well. I called Revenue and bank, they explained that I took mortgage in Sep2007.TRS releif was high because only 4 months were left to cover total releif. For this year it is spread over whole year so it is low.
 
If you bought a PPR as a FTB are you still considered a FTB on the PPR if you then buy an investment property within the FTB period(ie for the tax year in which the mortgage is taken out plus six subsequent tax years?) I ask this question with respect to TRS qualifying criteria.
 
PrivateI said:
If you bought a PPR as a FTB are you still considered a FTB on the PPR if you then buy an investment property within the FTB period
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If you mean with respect to the mortgage on the first property which remains your PPR then the answer is "yes".
 
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