TRS Married Couple Not FTbs

U

Ubogu

Guest
I have recently got married and we are currently living in rented accomodation, but looking to buy a house in the next few months or so. I have a query about how much Mortgage Interest relief we will be due as we have both owned (and subsequently sold) property (as owner occupiers). I availed of TRS for 5.5 years and my wife for 3.5 years. As the maximum length of TRS for a FTB is 7 years does that mean we will only get the full mortage interest relief at the FTB rate for 1.5 years when we next buy a home? How will our mortage interest relief be treated after this?
 
You'l get the FTB rate of TRS for 1.5 years and your wife for 3.5 years. They can and do split it between you.
 
They can and do split it between you.
This bit was always unclear to me - do you mean that if you are 50:50 joint purchasers/owners then they split the interest 50:50 and allocate half each to the two individuals when working out the total relief?